Oil and commodities are dominated by geopolitics, trade, and technology, with geopolitics currently pushing prices to the high end of the range.
Francisco Blanch
If there is a peace deal with Iran or a limited skirmish, prices should revert to around $60/barrel on Brent.
Francisco Blanch
We think those barrels will start coming back if we breach the $70 mark. OPEC has a couple more weeks to decide, but there is plenty of oil on the market.
Asks if OPEC would be incentivized to bring spare capacity back to market if prices shoot above $70 and stay there, and how much is anticipated.
Unknown Host
Francisco Blanch
I think OPEC will bring back a lot of capacity. We'll see a meaningful decline in spare productive capacity over the next year or two.