1035 GMT - U.S. President Trump's trade turmoil could push OPEC and its allies to extend existing production cuts once again, according to Morgan Stanley. Tariffs and counter tariffs have the potential to hit oil-intensive sectors of the economy the hardest, hurting global growth and demand for crude. "Adding supply into a period of rising trade tensions is not a compelling prospect, and we suspect that OPEC+ will avoid this," analysts at the U.S. bank say. MS says lower OPEC+ output would lead to a balanced market in the second quarter, despite modest inventory builds in the coming months. The bank trimmed its first-quarter forecasts for Brent crude to $75 a barrel from $77.5 a barrel previously. The international oil benchmark is seen at $75 a barrel in the second quarter and at $72.5 a barrel in the second half of the year. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
February 11, 2025 05:35 ET (10:35 GMT)
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