Oil watchers see $70 a barrel in 2019 as recession fears fade
The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price Thursday, according to a Bloomberg survey of oil analysts.
Most commentators aren’t seeing an actual recession biting the oil market next year. The median forecast of 24 oil analysts in a Bloomberg survey projects that London-traded Brent will average $70 a barrel in 2019 .
OPEC, along with allies such as Russia, announced in early December they would reduce supply by 1.2 million barrels a day in the first half of 2019 .
As prices in Midland, Texas fell below $40 a barrel this month for the first time since 2016, some have begun to cast doubts on how much U.S. supply will grow next year.
Article source: http://www.dailystar.com.lb/Business/International/2018/Dec-29/472869-oil-watchers-see-70-a-barrel-in-2019-as-recession-fears-fade.ashx