By Harshith Aranya and Brijesh Patel BENGALURU (Reuters) – Oil analysts have grown more pessimistic over the prospects for a significant price rally this year, as booming U.S. shale output and a deteriorating global economic backdrop threaten to offset the boost from OPEC’s crude supply cuts. A Reuters survey of 36 economists and analysts on Thursday forecast Brent crude oil futures to average $66.44 a barrel in 2019, slightly below the $67.32 projected in January’s poll. That also compares with the $62 average for the global benchmark this year. This is the fourth straight month in which analysts have cut their oil price forecasts. Prices could rally gradually over the course of the year, if the Organization of the Petroleum Exporting Countries and their partners such as Russia agree to more production cuts in April, and if U.S. sanctions on Iran and Venezuela lead to tightening global crude supply. But the chances of a bigger price increase seemed remote, analysts said. “In the short-term, oil markets are going to be characterized by supply tightness on international markets thanks to the OPEC cuts and U.S. sanctions on PDVSA,” Edward Bell of Emirates NBD bank said. “Over the rest of 2019, though,… Read full this story
- Oil prices spike; Tech pressure; Warren Buffett's tip for Wells Fargo
- Shell profits fall on tumbling oil prices and weaker margins
- Russian Energy Minister Says Current Oil Prices 'Acceptable'
- British Gas owner Centrica warns energy price cap will hit 2019 performance
- Oil prices rise on world markets
- Oil Prices Could Range Between $60 to $80 Over the Next Year
- Fitch: Oil prices to be satisfactory for Azerbaijan
- Oil Prices Drop Despite Lingering Concerns Over Supply Disruptions
- Saudi, OPEC Officials Deny Speaking to Trump About Oil Prices
- US plans to tighten sanctions against Iran boost oil prices
Darkening economic outlook threatens to cap oil price in 2019 have 298 words, post on www.euronews.com at February 28, 2019. This is cached page on Business Breaking News. If you want remove this page, please contact us.