Oil to stay below $40 in 2020 on virus shock, OPEC+ deal collapse: Reuters poll - Reuters

Oil to stay below $40 in 2020 on virus shock, OPEC+ deal collapse: Reuters poll - Reuters:

Oil prices will stay below $40 a barrel this year, as measures aimed at halting the rapid global spread of the coronavirus cripple demand and the collapse of an OPEC+ deal adds to a mounting supply glut, a Reuters poll showed on Tuesday. 

The survey of 40 analysts forecast Brent crude prices would average $38.76 a barrel in 2020, 36% lower than the $60.63 forecast in a survey in February.

The 2020 outlook for West Texas Intermediate crude was slashed to $35.29 a barrel from last month’s forecast for $55.75.

Both Brent and WTI crude prices are now trading in the low $20s. Global benchmark Brent slumped nearly 70% from January highs as global virus-led lockdowns hammered demand and a Saudi-Russian price war flooded the market.