The near-term outlook for oil is modestly bullish as the market continues to tighten significantly, helped by Organization of Petroleum Export Countries (OPEC) and Russia’s output cuts, Reuters reported, citing a Goldman Sachs research note.

 

The potential increased for benchmark Brent crude prices exceeds the near-term outlook of $67.50 per barrel and could easily trade between $70 and $75 per barrel, it said.

 

Bullishness needs to be tempered looking into the second half of 2019, anticipating an impact from U.S. shale exports and OPEC potentially relaxing production curbs, the US bank said.

 

OPEC and its allies, including Russia, agreed in December to cut oil production steeply under a global supply deal to prevent a glut this year.

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