Analysts slash oil price forecasts due to fears over economy, trade: Reuters poll - Reuters:
Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday.
The survey of 51 economists and analysts forecast Brent crude LCOc1 would average $65.02 a barrel in 2019, down about 4% from the previous month’s $67.47 projection and compared with the $65.08 average for the global benchmark so far this year.
It is also the lowest 2019 average forecast for Brent since March 2018.
The 2019 outlook for West Texas Intermediate crude futures CLc1 was cut to the lowest since January 2018, at $57.90 per barrel, below last month’s $59.29 forecast. WTI has averaged $57.13 this year.
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