UBS expects Brent crude in upper part of trading range of $60 to $70 a barrel

UBS said on Friday it expected Brent oil prices to stay in the upper part of a trading range of $60 to $70 a barrel for now, as market still remains tight, but anticipated a moderate decline toward the bottom of the range by year-end.

"We expect global oil demand to peak for the year in August and modestly decline over the coming months," UBS analyst Giovanni Staunovo said in a note.

"With supply in South America still expected to increase a bit more, we see the oil market better supplied over the months ahead."

Brent crude futures BRN1! were trading around $67.55 a barrel by 0415 GMT on Friday, while West Texas Intermediate (WTI) crude futures CL1! were around $63.42.