Written by Brian Paradza, CFA at The Motley Fool Canada
Ukraine is hitting Russian oil assets, sending shockwaves through the Brent Crude Oil Index in London — an oil price gauge responsible for 80% of global oil trades. In March, analysts at investment banking giant Morgan Stanley raised their oil price forecasts by 12.5% and expect Brent to climb to US$90 per barrel by summer. Russian production curtailments, combined with OPEC+ supply cuts, are tightening crude supplies and supporting higher oil prices well into the third quarter of this year. This represents an opportunity for two TSX energy stocks.
Brent crude oil generally commands higher prices than North American indices, including the West Texas Intermediate (WTI) oil index. Despite trading on Canada’s Toronto Stock Exchange, Parex Resources (TSX:PXT) and Gran Tierra Energy (TSX:GTE) produce oil from Colombia and price their deliveries based on the…
