Oil Could Rise More than Anyone Expects This Year

Oil prices have been strengthening over the past few weeks. The trend is not of particularly noticeable proportions, with Brent still stuck in the low $80s and West Texas Intermediate hovering around $80 per barrel. This could change later in the year, however, Morgan Stanley’s global oil strategist Martijn Rats has predicted. In fact, prices could rise so sharply that they might take some by surprise. “There is a view in the market that the non-OPEC producers can meet all of the demand growth this year and therefore there isn’t…