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UBS Group: Brent crude oil will rebound to over $80 per barrel.
ubs group analyst, Giovanni Staunovo, stated that oil traders are focusing on the slowdown in economic activity, but "moderate" supply growth "keeps the oil market in a state of undersupply". "Given that inventories are expected to continue to decline, we expect Brent to return to above $80 per barrel". Brent futures are currently trading at $73.84 per barrel. Production in Brazil is "noticeably weak" this year, and US crude oil supply growth is also slowing down. Due to the decrease in crude oil prices, US crude production will be sluggish next year, but will be supported by efficiency improvements and relief from inflation pressure. UBS no longer insists Brent crude will rise this year.
UBS Group: Downgrade oil price forecasts and target prices for the three major oil companies, with a preference for Sinopec among them.
UBS Group released a research report stating that it has adjusted the profit forecast for the 'Big Three Oil Companies,' expecting PetroChina (00857) to achieve profits of 69.3 billion, 68.4 billion, and 73 billion yuan for the fiscal years 2024 to 2026 respectively; for Sinopec (00386), the figures are 67 billion, 75.8 billion, and 84.8 billion yuan respectively; and for CNOOC (00883), the profits are projected to be 52.9 billion, 50.1 billion, and 54.2 billion yuan. They have also adjusted the target prices for the 'Big Three Oil Companies,' which includes lowering the target price of PetroChina from 10.4 Hong Kong dollars to 9.7 Hong Kong dollars; and lowering the target price of Sinopec from 6.6 Hong Kong dollars.