Barclays on Tuesday slashed its oil price forecasts for 2020, citing considerabl...
FILE PHOTO: An oil tanker is seen at sunset anchored off the Fos-Lavera oil hub near Marseille, France, October 5, 2017. REUTERS/Jean-Paul Pelissier
The bank lowered its 2020 price outlook for Brent and West Texas Intermediate by $12 each to $31 and $28 per barrel respectively. It joined several other banks in slashing their oil price forecasts on account of the collapse of an output curb deal amongst members of the Organization of the Petroleum Exporting Countries and allies, or OPEC+, as well as the demand hit from the virus.
Meanwhile, “strategic petroleum reserve purchases by the U.S government are unlikely to alleviate U.S. producers’ pain,” the bank said.
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