Jan 17 (Reuters) - BARCLAYS:
* SAYS OIL PRICES HAVE LARGELY CONVERGED WITH THEIR FAIR VALUE ESTIMATES OF $83 PER BARREL AS POSITIONING HAS INCREASED TO LEVELS MORE CONSISTENT WITH SPOT FUNDAMENTALS, IMPLYING CONTINUED IMPROVEMENT IN INVESTOR CONFIDENCE
* SAYS FRESH U.S. SANCTIONS ON RUSSIA'S ENERGY TRADE HAVE LIKELY AIDED THE MOVE HIGHER AS WELL, AND WHILE THEY REMAIN CAUTIOUS IN ASSESSING THE EFFECT ON SUPPLY, NEWS REINFORCES THEIR VIEW THAT RISKS TO THE FUNDAMENTAL OUTLOOK ARE MORE BALANCED THAN MARKET PARTICIPANTS EARLIER ASSESSED
((Reuters.Briefs@thomsonreuters.com))
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