Morgan Stanley Ups Oil Price Forecast On Supply Fears

Morgan Stanley revised its oil price forecast upwards for the second half of the year by $10 per barrel, citing the greater than expected supply deficit resulting from Western sanctions against Russia. Bloomberg reported that the investment bank had estimated a supply gap of 1 million bpd in the third and fourth quarter, which would keep prices higher, with Brent seen averaging $130 per barrel during that period. Morgan Stanley also forecasted that the amount of Russian oil supply lost would be some 2 million barrels daily in both crude and condensates.…