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Moody’s cuts oil price forecasts for 2016

by ChemOrbis Editorial Team -
  • 20/10/2015 (11:34)
According to media reports, Moody’s Investors Service cut its crude oil price forecasts for 2016 for Brent crude oil to $53/barrel from their previous estimate of $57/barrel in January while it also slashed its price forecast for WTI crude oil futures to $48/barrel from an earlier estimate of $52/barrel. The credit agency cited ongoing oversupply and demand issues as the main reason behind their decision to downwardly revise their price forecasts.

Moody’ reported that built-up inventories and oversupply will cause oil prices to increase at a slower pace, adding that extra supply from Iran will also exert pressure on oil markets.

For 2017, meanwhile, the credit agency expects oil prices to rise $7/barrel, which is down $5/barrel from its prior forecast.
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