Morgan Stanley has cut its Brent crude price forecast for 2019 by US$10 a barrel to US$68.50 in the latest sign yet that the OPEC+ production cuts announced after a tense series of meetings might fail to impress an already supervolatile market. The investment bank, Forex Live reports, acknowledged that the OPEC+ agreement to remove 1.2 million bpd from the global oil market beginning in January will have a positive effect in as much as it would calm worry about a looming oversupply, but this upside for prices will be limited. Morgan Stanley warned that the highs Brent and WTI enjoyed in October before they took a nosedive are hardly in the card for the next four quarters. Even so, Morgan Stanley saw the oil production cut as “likely sufficient to balance the market in 1H19 and prevent inventories from building”, according to a Reuters report . At the […]