Barclays lowers 2016 crude oil price forecasts

[LONDON] Barclays on Thursday lowered its average 2016 Brent and WTI price forecasts, citing rising stock levels and the fact production cuts from Opec member countries seem unlikely. "We expect the Opec meeting on Thursday and Friday to be a non-event, and member countries are unlikely to agree on any production cuts." said Barclays.

The bank revised down its 2016 oil price forecasts by US$3, to US$60 per barrel for Brent from US$63 earlier, and to US$56 for WTI from US$59 per barrel. It also sees the 2016 average US natural gas price at US$2.84 per million British thermal units.

REUTERS