Crude prices to remain weak in 2016
Oil prices will remain weak in 2016 with Brent average price at $52.5 a barrel and WTI price at $46.5 a barrel, according to the forecasts of the US JP Morgan bank’s analysts.
In a report, obtained by Trend, analysts mentioned that while Brent and WTI are both trading within a dollar of their end-September level near $48 a barrel and $45 a barrel, respectively, the strong rally in early October has faded over the balance of the month.
Crude oversupply still remains the dominant factor driving market balances and hence the price outlook, analysts said.
Analysts expect average Brent price at $55 a barrel and average WTI price at $49.2 a barrel in 2015.
Brent crude, the global oil benchmark, rose 0.4 percent to $48.76 a barrel on London’s ICE Futures exchange on Thursday. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.1 percent at $46.37 a barrel.
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