By Christopher Alessi WSJ Tues., April 2, 2019 LONDON—Banks raised their forecasts for the price of Brent crude, the global oil benchmark, in 2019, as the market continues to be supported by production cuts led by the Organization of the Petroleum Exporting Countries, as well as geopolitical risks to supply. Brent crude is expected to average just over $68 a barrel this year, according to a poll of 12 investment banks conducted by The Wall Street Journal in March, compared with a forecast of $67 a barrel in February. West Texas Intermediate, the U.S. oil standard, is expected to average nearly $60 a barrel, in line with the previous estimate, the poll showed. The banks predicted prices will continue to rise through April-June this year, before falling back toward the end of 2019. Brent crude was up 1.2% at $68.38 a barrel Monday afternoon on London’s Intercontinental Exchange, while WTI was up 1% at $60.76 on the New York Mercantile Exchange. Article Continued Below “Oil prices should continue to move higher over the next two quarters as supply fundamentals remain constructive with OPEC+ making good progress on pledged output cuts, while involuntary production losses in Iran remain sizable and those… Read full this story
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