Massive Oil Inventories Not a Problem — Market Talk

16:41 ET – Inventories of oil and refined products held by developed nations stand above average levels, but the oil market shouldn’t be concerned, UBS says. “With an historically low level of spare production capacity (2Mb/d versus a normal >4Mb/d) a more significant inventory buffer in the world’s most important and strategic commodity is more than justified.” UBS raises its 2H price forecasts to $51 for Brent and $48 for WTI. (nicole.friedman[a]wsj.com; [a]NicoleFriedman)

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