MTECHTIPS;-Oil prices seen steady as demand woes mitigate supply risks: Reuters poll MTECHTIPS-Oil prices are expected to be range-bound near current levels this year as slowing economic growth and a protracted trade dispute curb demand, a Reuters monthly poll showed, squeezing gains stemming from production curbs and Middle East tensions. A survey of 54 economists and analysts forecast Brent crude would average $67.47 a barrel in 2019, little changed from the $67.59 seen in last month's poll and compared with the $65.88 average so far this year. On Wednesday, Brent was trading near $65 a barrel. "World demand remains lacklustre and is subject to significant risks of downside revisions due to trade war concerns and disappointing macroeconomic data," Intesa Sanpaolo (MI:ISP) analyst i said. Earlier in July, the Organization of the Petroleum Exporting Countries and allies including Russia agreed to extend output cuts until March 2020, seeking to prop up crude prices. While the group's agreement is seen putting a floor under prices, analysts say its success in balancing the market is WWW.MTECHTIPS.COM 07489294118
Published on Jul 31 2019 6:28PM, by MTECHTIPS in Commodity tips| Share This