This year, the average price of Brent oil may reach $46,5 per barrel, the experts for BMI Research assume. To be more specific, they have improved their oil prediction by 16%. The previous report was $40 per barrel.
On top of that, the experts do not exclude the possibility of both Brent and WTI oils seeing their prices advance all the way up to $50-60 per barrel in late 2016. Yet, the experts predict a bull market for crude oil over the next 3 to 6 months. They rely their revised prediction mostly on the expectation of export cuts by non-OPEC members. Another bullish factor to keep in mind is that the U.S. crude oil inventories seem to be shrinking continuously and are likely to keep on doing so in the coming months.
As for the 2017 forecast for the average price of Brent and WTI, it is $57 per barrel. This is the revised forecast while the previous one was $53 per barrel. On top of that, the experts predict that by 2020, WTI and Brent may see their prices advance all the way up to $71 and $72 per barrel respectively.
In the meantime, Masterforex-V Academy reports that OPEC may finally freeze their oil production quotas next month. If that's the case, this is definitely going to push oil prices much higher than they are today.
Brent Approaches $45/b
Masterforex-V Academy reports that Brent oil has been relatively stable and strong. However, Brent ICE Futures in London retraced a little bit – by 0,02% down to $44,96/b. All in all, the market closed yesterday at $44,97/b after retracing by 1,9% from the previous close.
As for WTI NYMEX Futures for June delivery (New York), the price managed to advance by 0,18% up to $43,73/b. But at the end of the day, the market closed at $43,65/b after retracing by 2,52% from the previous close, the experts say.
