Freidman Billings Ramsey (FBR) last week raised its oil price forecasts 5/bbl and warned that upstream and downstream capacity will remain tight."U.S. crude oil prices have surged during the past few months up to 70/bbl, and, while this increases the risk of a downward correction, we believe that a large, sustained price drop is unlikely, based on rising global consumption growth, tight upstream and downstream supplies and OPEC signaling its intent to defend a 55-65/bbl long-term oil price," FBR said in a market update.
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