UBS Group lowered its Brent crude oil price forecast by $12/barrel to $68 per barrel on Tuesday. UBS analyst Giovanni Staunovo said: “If the trade war escalates further, our downside risk scenario — that is, the US recession intensifies — could see Brent crude trading fall to $40-60 per barrel in the next few months.”

UBS Group lowered its Brent crude oil price forecast by $12/barrel to $68 per barrel on Tuesday. UBS analyst Giovanni Staunovo said: “If the trade war escalates further, our downside risk scenario — that is, the US recession intensifies — could see Brent crude trading fall to $40-60 per barrel in the next few months.”