SINGAPORE (July 13): With signs that oil supply and demand are moving into balance as the world emerges from the COVID-19 pandemic, Pictet Wealth Management has revised upward its year-end price target for Brent oil.

This comes ahead of an expected OPEC+ meeting this week, at which the group may announce plans to start reducing historic production cuts. 

Jean-Pierre Durante, Head of Applied Research at Pictet, said the year-end target will now be at US$40 ($55.60) a barrel, up from its previous US$18 ($25.02) per barrel. 

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