USOIL to $125 this summer, UBS says

Oil hits two-week low but UBS is still bullish on Crude.

UBS laid out three reasons for its $125 USOIL this summer:
1. Russian oil exports hurt by sanctions, which will further tighten global supplies.
2. Spare capacity brought in by OPEC is less than 2% of global demand.
3. Global oil demand still heading for record highs with Europeans and Americans returning to normal travel patterns once COVID-19 restrictions are lifted.

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