Oil analysts see prices edging up but still capped below $40/bbl: Reuters poll - Reuters

Oil analysts see prices edging up but still capped below $40/bbl: Reuters poll - Reuters:

Oil prices will gradually gain this year with demand improving and supply falling, although tensions between the United States and China are hanging over the coronavirus-hit market, a Reuters poll showed on Friday.

The survey of 43 analysts forecast Brent crude would average $37.58 a barrel in 2020, about 5% above April’s $35.84 consensus, but still lower than the $42.37 average so far this year.

U.S. West Texas Intermediate crude is seen averaging $32.78 a barrel, up from $31.47 last month, after a brief historic fall in the front-month futures contract to minus $40 in April.

“The rise in demand may be painstakingly slow in the coming weeks and months, but it is expected to gradually rise over the course of the year,” said Marshall Steeves, energy markets analyst at IEG Vantage.