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OILX - USO: Oil Bulls Are Fighting Back With Renewed Vigor
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
2023-04-03 02:16:32 ET
Summary
Saudi Arabia led a 1.16M barrels per day cut in OPEC+'s production, propelling the recent recovery in oil prices further.
Russia's extension of its supply cut from July could intensify the bull case further, coupled with China's economic recovery in H2CY'23.
We assessed that a bottom in oil prices likely occurred in mid-March. OPEC+'s announcement should bolster sentiments further.
While its near-term upside is likely reflected, we think the secular story for oil prices looks ready to reverse from its slide and re-test recent highs moving ahead.