Oil Could Hit $85 This Year As Oil Stocks Fall: Mike Rothman

Before the news that Saudi Arabia and Russia had agreed to freeze oil production hit the wires this morning, Mike Rothman's Cornerstone Analytics sent out its Morning Energy Update to clients. And today’s energy update from Cornerstone carried a solid message: the oil market isn’t as oversupplied as many believe and global oil stocks will be pulled down this year, a development which could send Brent prices to $85/bbl.

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Oil stocks are set to fall

Cornerstone’s view runs against consensus because the research outfit believes that the global oil demand figures used by the consensus are...