The oil markets have been on an advanced footing, including the revival of oil production in the US, which is now reaching 11 million barrels a day. Tensions between the US and China, the US Federal Reserve Policy, the United States, Yemen and elsewhere make it harder for the United States. future oil prices.
This momentum has proven to be very popular (often astonished) at how global oil prices peak at a multi-year high in October, then drop rapidly by 40 percent to date. Prices for the global oil benchmark, the London-traded Brent crude futures, were traded in early mid-’80s, while the US oil benchmark, NYMEX-traded West Texas Intermediate (WTI) futures In the mid-1970s, hover-range, a comfortable price point for US shale oil producers, hovered around $ 25 per barrel above the average break-even value of oil production for shale producers.
However, all of the above problems and problems are likely to be avoided. Bloomberg said on Friday that many of the world’s largest banks are forecasting a recovery in failed prices.
Dated Brent Benchmark will average $ 70 in 2019
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According to a Bloomberg survey of oil analysts, Dated Brent Benchmark will average $ 70 per barrel in 2019, nearly a third higher than Thursday’s price. Michael Cohen, Head of Research for Energy and Commodities at Barclays Plc in New York, said: “we could even see something similar to a V-shaped recovery next year, on two very important conditions. One, that the reduction in OPEC exports leads to a reduction in inventories. And two, that we don’t see a further deterioration in macroeconomic conditions. ”
Bloomberg’s report added that despite a recent gloomier global economic outlook, the US and US Federal Reserve are tightening monetary policy, and most reviewers are unaware of the current recession. Year. The average forecast of 24 oil analysts in the Bloomberg survey suggests that Brent crude oil futures price in 2019 will be exactly $ 70 per barrel. Thursday’s crude oil price was $ 53.50, while the average in 2018 was $ 72. Meanwhile, the median forecast for WTI is $ 61.13. WTI futures were listed at around $ 45.27 on Monday.