Brent Oil Price Predictions for 2019 and Beyond - News Stream

The full transcript of this week's episode of News Stream is available below.

Analysts at Fitch Solutions Macro Research have reduced their previous predictions of Brent barrel price from $75 to $73. Prior to this adjustment - FSMR's predictions for the next few yeard consisted of the following prices:

$75 in 2019

$82 in 2020

$83 in 2021, and 

$87 in 2022

All of those numbers have now been reduced by at least two dollars per year.

However, these adjusted figures are still considerably higher than the estimates made by Bloomberg - which are more than five dollars lower year on year - from $67 in 2019, to $69 in 2022.

FSMR made the following comments:

"Oil has made substantial gains in the year to date (YTD), rising by around 23%. However, almost 10% of the total gain occurred in the last two weeks, while sideways trading from mid-January to mid-February has left the year-to-date average languishing at $62.1 per barrel.

"We have adjusted down to our forecast to reflect the softer start to the year, but our underlying bullish narrative is unchanged, with positive but slower global economic growth and supply management from OPEC."

It is likely that oil will trade between $75 and $80 at the end of the year, whilst Wood Mackenzie provide the lowest estimate of $65 by this December.

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