--> We raise our Brent estimate for 2015 to an average of $60/bbl from $52.50/ bbl, and our estimate for WTI to $55.10/bbl from $48.60/bbl. As a result, our aggregated earnings estimates for the universe increase 29% in 2015 (28% in the US, 30% in EU).
* Oil market near-term oversupplied. Fundamental data indicates that the oil market is oversupplied by over 2 mbd, and yet the Brent price has rallied by over 40% since its January low. While prices remain low, they have been more resilient than our prior 2015 price forecasts. We raise our Brent estimate for 2015 to an average of $60/bbl from $52.50/ bbl, and our estimate for WTI to $55.10/bbl from $48.60/bbl.