Oil Price Forecasts Raised for the 1st time in 10 months – Reuters poll

Oil Price Forecasts Raised for the 1st time in 10 months – Reuters poll

The latest Reuters poll result showed that the economists and oil analysts raised the average oil price forecasts for 2016 for the first time in 10 months, although with a cautious tone.

Key Findings:

Raised their average price forecasts for 2016 for the first time in 10 months

Survey of 31 economists and analysts

Forecast benchmark Brent crude would average $38.60 a barrel in Q2 2016 & second quarter of this year

For 2016, analysts raised their average Brent forecast to $40.90 a barrel (from $40.10 in last month's survey)

The reasons cited were as follows:

The prospect of an agreement among the world's largest producers to keep oil output at January's levels
Decline in U.S. shale oil output

(Market News Provided by FXstreet)