• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » Oil price forecast slashed to a new low for the the last 16 months

Oil price forecast slashed to a new low for the the last 16 months

Al Restar by Al Restar
August 30, 2019
in Energy
2 min read
35
0
Oil price forecast slashed to a new low for the the last 16 months

Photo: partofasystem | Flickr | CC BY-SA 2.0

Many analysts have slashed the price of oil in their forecast to the lowest in the past 16 months, citing the lowering global demand over fears of financial and economic turmoil and the staggering conflict between the U.S. and China regarding the trade war. 

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, Reuters revealed, Friday. 

“The ongoing U.S.-China trade disputes and emanating risk of the economic slowdown will be the key factors affecting prices for the rest of this year and in 2020,” ANZ analyst Soni Kumari said.

“A protracted trade conflict could deepen the economic slowdown and impact demand growth.”

This forecast is the lowest forecast made by analysts on Brent oil prices since March 2018. 

 Brent oil held above $60 a barrel on Thursday, and as U.S. inventories sharply fell, the West Texas Intermediate (WTI) crude boosts futures. Brent crude, an international benchmark on crude oil prices, was up 2 cents at $60.51 a barrel by 1215 GMT. WTI was up 48 cents at $56.26 a barrel.

The longstanding and stalling negotiations between the U.S., one of the biggest crude oil suppliers in the world, and China, one of the biggest importers of oil, have threatened economic growth and is putting oil prices in check. 

“Trade tensions (are) hanging like a dark cloud threatening to rain over oil prices,” said Jeffrey Halley, senior market analyst at OANDA.

“If the API (American Petroleum Institute) unexpectedly supplied bullets to oil bulls on Tuesday evening so that they could fire from all cylinders, the EIA flung the door of the ammunition depot wide open yesterday,” Tamas Varga of oil brokerage PVM said.

Analysts believe that the trade war between the two economic power has been a significant factor for the 20% drop in oil prices from 2019 highs hit in April, with Beijing announcing tariffs on U.S. crude imports last week.

Al Restar

Al Restar

An idealist straight from business school who works as a content marketer, digital branding consultant, and graphic designer. Outside work, he spends his time taking care of his cacti and painting watercolors.

Related Posts

ComEd preps response to restore power outages caused by storm and strong winds
Energy

ComEd preps response to restore power outages caused by storm and strong winds

June 10, 2020
133
President Donald Trump inspired a rise in oil futures after he said a deal between Saudi Arabia and Russia is underway.
Energy

Oil slightly recovers after Trump said a deal between Saudi Arabia and Russia might be reached in a ‘few days’

April 2, 2020
150
Oil refineries and storage facilities are about to reach their maximum capacity as the pandemic continues to shock demand.
Energy

Oil prices are approaching ‘negative territory’ as production increases after OPEC+ cuts expire

April 1, 2020
118
Senator Ted Cruz said that he and other GOP senators ecently ripped into the Saudi ambassador against weaponizing oil prices.
Energy

Ted Cruz: GOP senators warned Saudi Arabia against using oil as ‘economic warfare’ against Americans

March 30, 2020
151
The U.S. solar market installed 13.3 gigawatts (GW) of capacity in 2019, new report reveals.
Energy

US solar installations are expected to grow 47% in 2020 but coronavirus crisis might have an impact moving forward

March 17, 2020
115
Monday has seen a rise on oil prices, the first after six sessions of losses triggered by the coronavirus outbreak
Energy

Oil recovers after six sessions of losses as OPEC+ mulls to impose further cuts

March 3, 2020
127
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.