Two Key Risks Against Brent Crude Oil Deteriorate Further, UOB SaysMarket Talk

Two key risks against Brent crude oil have deteriorated further, says Heng Koon How of UOB's Global Economics & Markets Research. First key risk is "further global growth slowdown due to the chaotic rollout of punitive reciprocal tariffs by the Trump Administration on Liberation Day," the head of markets strategy says in a research report. Second key risk is the bigger-than-expected return of production volume from OPEC+, he adds. Hence, UOB lowers its Brent crude oil forecasts by $5/bbl to $65/bbl for both 2Q and 3Q 2025 and by $5/bbl to $60/bbl for both 4Q 2025 and 1Q 2026. Front-month Brent crude oil futures are 1.3% higher at $65.07/bbl. (ronnie.harui@wsj.com)