Banks again raise oil price forecast for 2018, WSJ survey says

Published 05/02/2018, 11:22 AM
© Reuters.  Banks again raise oil price forecast for 2018, WSJ survey says
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  • Banks raised their forecasts for oil prices for the seventh consecutive month in April by more than $1.00/bbl compared with the prior month, according to a poll of 14 investment banks surveyed by WSJ.
  • Brent is now expected to average more than $64/bbl this year, while WTI should average just above $60/bbl; Brent closed yesterday at $73.13/bbl and WTI settled at $67.25/bbl.
  • “OPEC has done a better job than expected” in its efforts to curb crude production, and "the market is likely to remain well supported," says ING Bank commodity strategist Warren Patterson, adding that a reimposition of some U.S. sanctions on Iran could result in a reduction of up to 500K bbl/day of Iranian crude.
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