• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 4 hours Why Wind is pitiful for most regions on earth
  • 3 hours Is OilPrice a cover for Green Propganda
  • 37 mins During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 49 mins Sources confirm Trump to sign two new Executive orders.
  • 14 hours In a Nutshell...
  • 1 day Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 2 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 5 hours Coronavirus hype biggest political hoax in history
  • 2 days Apology Accepted!
Chinese Oil Majors Could Form A Powerful Buyers Club

Chinese Oil Majors Could Form A Powerful Buyers Club

China’s state-owned oil companies—Sinopec, CNOOC,…

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