Morgan Stanley: Oil Prices Stuck In $60 Range This Summer

Oil prices will likely be stuck in the $65-$70 range this summer, Morgan Stanley says in a new note, tempering its previous forecast for $70 oil with temporary overshoots because of rising U.S. drilling activity and the potential return of Iranian exports. Although some supportive factors for oil prices are still in place, the recovery of U.S. drilling activity and the return of Iranian oil barrels are two headwinds that are “appearing to take the steam out of this recovery,” Morgan Stanley said, as quoted by Reuters U.S. energy editor…