• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 hours The 5 Scary New Rules Of Upside-Down Capitalism
  • 2 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 56 mins Winter Storms Hitting Continental US
  • 7 hours Hydrogen Hurdles in Japan
  • 21 hours More dumbed down? re Hong Kong Act of Congress
  • 14 hours Conoco next gen test wells Vintage 5 (V5) 20% recovery and say " We can do even better "
  • 13 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 1 day U.S. Shale Output may Start Dropping Next Year
  • 11 hours Aramco IPO magic trick
  • 23 hours Petroleum Industry Domain Names
  • 16 hours Impeachment S**te
  • 14 hours Contaminated Oil
  • 14 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 1 day Crazy Stories From Round The World
  • 14 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
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

Survey: Oil Experts See WTI In $50-70 Range This Summer

The vast majority of 22 oil experts surveyed by CNBC this week expects WT Crude to trade between $50 and $70 a barrel at the end of August, and most analysts see demand and trade disputes as the biggest driver of oil prices right now, despite escalating tension between the U.S. and Iran.

According to the CNBC Oil Survey conducted between June 21 and 26, fifty percent of experts polled expect WTI Crude to be between $60 and $69.99 at the end of August, a range that is just above the current WTI price of $59. Another 41 percent expect WTI in the $50-60 range—the range in which the U.S. benchmark has traded since January this year.

The CNBC survey also found that 52 percent of oil experts see Brent Crude in the $60-69.99 range, where prices have mostly stood this year. Another 38 percent of analysts see Brent prices in the $70-79.99 range at the end of August.

Source: CNBC

A total of 41 percent see global demand as the single biggest driver of oil prices now, while another 18 percent see the U.S. trade disputes with other countries as the determining factor for oil prices, as protracted disputes could weaken demand. Just 14 percent of experts polled see geopolitics as the single biggest driver of the price of oil.

A total of 36 percent of respondents don’t expect the U.S. and Iran to get to a military confrontation, while 23 percent expect limited missile strikes. Another 18 percent expect skirmishes in the water, and only 9 percent see a major conflict or massive strikes coming.

Global oil demand is also the key concern of 42 analysts and economists in the monthly Reuters poll on this year’s average oil prices.

The experts now see Brent Crude averaging $67.59 a barrel this year, down from the $68.84 forecast in May and just above the $66.17 average price so far this year. Experts see WTI Crude trading at average $59.30 a barrel in 2019, down from the $60.62 projection in May and compared to the $57.45 average so far in 2019.  

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
Download on the App Store Get it on Google Play