Wall Street analyst Bernstein Research has established $75 per barrel as a reasonable long-term oil price target for equity valuations, pointing to rising marginal costs and declining reserves. Citing a new survey of the 50 largest energy companies globally, Bernstein analyst Neil Beveridge has revealed that higher spot prices and a tightening physical market continue to feed inflation back into the supply chain. This will negatively impact production costs, with the global marginal cost of oil now projected to climb to $77 per barrel, after declining…