World Bank Raises 2016 Oil Price Forecast
The World Bank raised its forecast for crude oil prices by about 11% on
late Tuesday, citing expectations of reduction in the oversupplies.
In its quarterly Commodity Markets Outlook report, the international institution raised its -oil price outlook to average $41 a barrel in 2016, compared to $37
previous forecast on easing supply glut in the markets.
Output from OPEC, excluding Iran, is expected to remain flat, it said. However, Iranian production is forecast higher by some 500,000 barrels a day.