“Our updated global supply-demand balance continues to point to further declines in inventories and higher oil prices in 2H18,” the bank said, reiterating its Brent price (LCOc1) forecast for a peak of $82.50 per barrel during the summer and a year-end estimate of $75. Oil prices on Monday extended last week’s losses, partly on expectations that top suppliers Saudi Arabia and Russia could increase production after withholding output since the start of 2017. The producer cartel of the Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia will meet in Vienna on June 22 to decide …read more
Source:: Yahoo Finance
