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Oil Price Outlook

MORGAN STANLEY · 2026-10-20 · Importance 17 · Surprise 24

Morgan Stanley’s global commodities strategist discussed Brent crude prices and continuing challenges in the oil market. The strategist said a commodities arrangement between U.S. President Donald Trump and Russian President Vladimir Putin involving diesel would provide only about 12 hours of supply. The comments indicate limited near-term relief from the Russia diesel deal despite its potential relevance to refined-product availability.

Key facts

• Martijn Rats, Global Commodities Strategist at Morgan Stanley, said the Russia diesel deal will provide 12 hours of supply. source