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Saturday, 20 October 16:33 (GMT -05:00)



Stock and commodities markets

Investment Banks Raise Their Oil Forecasts


The world's biggest investment banks have raised their oil forecasts again, for the 10th month in a row, The Wall Street Journal reports. 
 
The main reason for that is said to be a drop in oil export from Iran amid shorter global oil inventories. According to the consensus forecast made by the world's 9 biggest investment banks interviewed by Bloomberg, the average prices of Brent and WTI oil are expected to be $73,65/b and $68/b respectively. This prediction happens to be $2/b higher than in June. 
 
It's interesting to note that the experts have evaluated the oil market not only from the standpoint of shorter oil export from Iran but also from the standpoint of higher oil production in Saudi Arabia and Russia. 
 
In late June, the OPEC+ participants agreed to increase their oil production starting from July. There were no figures specified for each country. However, the experts believe that Russia and Saudi Arabia are probably going to raise their production by 1 million barrels a day. It should also be noted that the decision was made after May's oil price rally up to $80/b. 
 
In the meantime, Brent oil is currently trading at $72,05/b, which is 0,5% below yesterday's close price. 

 

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