• 3 minutes War for Taiwan?
  • 7 minutes How China Is Racing To Expand Its Global Energy Influence
  • 10 minutes Is it time to talk about Hydrogen?
  • 1 min U.S. Presidential Elections Status - Electoral Votes
  • 3 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Supreme Court rules against Cuomo's coronavirus limits
  • 2 hours “Did Authorities Do Enough To Find Out Why Oil Prices Went Negative?” By Irina Slav – Nov 26th
  • 30 mins WTI / ​​​​​​​Price Forecasting 
  • 1 day Biden's Green New Deal- Short Term - How Will He Start to Transition Out Of Crude?
  • 1 day Mail IN Ballot Fraud
  • 1 day America Could Go Fully Electric Right Now
  • 1 day Saudi Arabia Seeks to Become Top Hydrogen Exporter
  • 3 days “Consumers Will Pay For Carbon Pricing Costs” by Irina Slav

Breaking News:

Volkswagen Readies Compact EV For 2023

Can Hydrogen Energy Save Coal Country?

Can Hydrogen Energy Save Coal Country?

As the world races towards…

Thanksgiving Thursday Brings An End To The Oil Rally

Thanksgiving Thursday Brings An End To The Oil Rally

Oil prices fell on thanksgiving…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Analysts Cut WTI Oil Price Forecast Again

The protracted U.S.-China trade dispute and slowing economies and oil demand growth made analysts slash their forecasts for WTI Crude prices this year to the lowest outlook since January 2018, the monthly Reuters poll showed on Friday.  

According to 51 analysts and economists polled by Reuters, WTI Crude will average US$57.90 a barrel this year, down from the US$59.29 per barrel forecast in last month’s survey. WTI Crude prices have averaged US$57.13 this year and traded down 1.36 percent at US$55.94 at 08:17 a.m. EDT on Friday.

Analysts also slashed their forecast for the average Brent Crude price this year—to the lowest 2019 average forecast since March 2018. Experts now see Brent Crude averaging US$65.02 per barrel this year, down from the US$67.47 forecast in last month’s poll. So far this year, Brent Crude has averaged US$65.08 a barrel, while the international benchmark was down 0.6 percent at US$60.13 early on Friday.

Analysts cited the U.S.-China trade war and slowing growth in global economies as the key reasons for the significantly lowered oil price forecasts this month. Middle East tensions, monetary policies to support economies, the U.S. sanctions on Iran and Venezuela, and slowing U.S. shale growth could lend some support to oil prices, but right now the focus is on slowing economies and faltering oil demand growth, according to the analysts polled by Reuters. Related: BP Exits Alaska To Double Down On Shale

Several Wall Street investment banks have already warned that the escalating U.S.-China trade war raises the odds of an economic slowdown and subsequent low oil demand growth. Some banks have already cut their oil demand growth estimates for this year, saying that oil demand could grow at its slowest pace in at least half a decade.

The U.S. Energy Information Administration (EIA) lowered earlier this month its global oil demand growth outlook for 2019 to 1 million bpd.

The International Energy Agency (IEA) also revised its demand growth estimates for 2019 this month, down by 100,000 bpd to 1.1 million bpd, after seeing that between January and May demand growth was just 520,000 bpd, the lowest increase for the period since 2008.     

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News