Societe Generale: Commodity Resilient Despite Middle East Tensions, Oil Capped at $70

Societe Generale's Michael Haigh and Jeremy Sellem observe that the commodity complex has remained resilient despite ongoing Middle East tensions. While oil prices have seen some upward pressure, gains remain capped. The bank's forecast sees oil at $70 per barrel by the end of the year. This outlook is based on analysis of forward curves and the carry framework.