The Best And Worst Oil Predictions Of 2019 | OilPrice.com:
There’s nothing like wild volatility to destroy the integrity of those high-end bankers and analysts who are brave enough to make oil price predictions year in and year out.
But the forecasting nightmare doesn’t stop them, even at the worst of times.
In the final month of last year, banks and analysts were brave enough to divulge their predictions for 2019.
At that time, the second year of the OPEC agreement was coming to a close; the U.S. had re-imposed sanctions on Iran four months earlier with waiver extensions; and the average price of a Brent barrel for December was changing hands at $56.50, compared to the month earlier average of $65.20. WTI averaged $49 in December 2018. OPEC had agreed to cut production again for 2019.
So who should we look for when it’s time to forecast what oil prices will do in 2020? That depends on their track record the last time around.
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