Brent Crude prices could reach $75 a barrel in the third quarter this year as the oil market will likely swing into a deficit, due to OPEC’s production cuts and U.S. sanctions on Iranian and Venezuelan oil, according to Morgan Stanley. Early on Wednesday at 08:16 a.m. EDT, Brent Crude was trading just above $67 a barrel, down 0.49 percent on the day, while WTI Crude was down 1 percent at $58.70, before the weekly inventory report from the EIA. Morgan Stanley’s view that oil prices will rise as the year progresses is underpinned by its assumption that in June OPEC will roll over the production cuts or even deepen them as the cartel appears ready to do whatever it takes to clear the current oversupply, CNBC quoted Morgan Stanley global oil strategists Martijn Rats and Amy Sergeant as writing in a research note this week. “Conversations with several […]