Morgan Stanley hikes oil price forecast

Baku. 4 July. REPORT.AZ/ As a result, Morgan Stanley said it now believes international benchmark Brent crude will average $85 a barrel over the next six months. That's $7.50 higher than its previous estimate.

Report informs citing the foreign media, the bank sees output declining more than it previously forecast in Libya, Angola and Iran.

Morgan Stanley acknowledges that Saudi Arabia is currently raising output and will likely produce an average 10.8 million bpd in the second half, up from its prior expectation of 10.1 million bpd.