Oil prices are up more than 4.5% for the week, the strongest gains since early April, when futures rose on boiling geopolitical tensions in the Middle East.
Crude oil futures rose for a fifth day Friday, on pace for the best week in more than two months as analysts see a tighter market heading into the third quarter.
Deutsche sees the oil supply deficit expanding to nearly 1 million barrels per day in the third quarter, which should support Brent prices rising to the mid-to-upper $80s per barrel range.
"It would only take a minor overshoot to bring Brent to around USD 90/bbl at some point during the second half," Hsueh told clients.
Citigroup also sees a tighter market in the third quarter, though the market will likely enter a surplus in 2025 on solid production growth and slowing demand, according to the bank.
Persons:
Benny Gantz's, Helima Croft, Michael Hsueh, Brent, Hsueh
Organizations:
RBC Capital Markets, RBC, OPEC, Deutsche Bank, Deutsche, bbl, Citigroup
Locations:
Israel, Lebanon