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Barclays Cuts 2019, 2020 Oil Price Forecasts on Demand Woes

Gasoil News - Published on Tue, 23 Jul 2019

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Barclays lowered its oil price forecasts for the H2 of this year and 2020, saying it expected slower demand growth due to a weaker-than-expected global macroeconomic backdrop. The bank cut its 2019 Brent and US West Texas Intermediate price forecasts by USD 2 to USD 69 per barrel and USD 61 respectively. It also cut its 2020 view for Brent by USD 6 to USD 69 and by USD 5 to USD 62 a barrel for WTI. Consumption growth is likely to slow to just over 1 million barrels per day YoY in 2019 as "growing protectionism amid an ongoing global industrial slowdown" weighs significantly on oil demand growth this year, the bank said in a note.

Analysts at the bank said that "However, we believe that the concerns of a glut are overdone and core petroleum inventory trends in the US and globally remain supportive," adding "the market is underestimating demand and overestimating supply growth at current price levels."

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Posted By : Ratan Singh on Tue, 23 Jul 2019
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