Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to 'resilient' Russian supplies.
The current price of gasoline is shown on a gas station sign in Encinitas, California August 4, 2015. REUTERS/Mike BlakeAug 16 - Barclays lowered its Brent price forecasts on Tuesday by $8 per barrel for 2022 and 2023, as it expects a large surplus of crude oil over the near-term due to "resilient" Russian supplies.
Benchmark Brent crude futures were trading around $94 a barrel on Tuesday, while WTI futures were slightly below $89.The recent move lower in prices is primarily a timing issue, as resilient Russian supplies before the European Union's sanctions kick in later this year have coincided with elevated concerns of a broader slowdown, the bank said in a note.
Barclays also noted that the actual downside to the price forecast could be limited by a potential OPEC+ response to a possible demand slowdown next year from a mild recession.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Crude Oil Prices Slump Amid Iran Nuclear Deal HopesCrude oil futures have slumped this morning as Brent crude falls over 4% to start the week. Get your market update from JMcQueenFX here:
Les mer »
Crude Oil Prices Slump Amid Iran Nuclear Deal HopesCrude oil futures have slumped this morning as Brent crude falls over 4% to start the week. Get your market update from JMcQueenFX here:
Les mer »
Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipmentPeloton announced it would be reducing its workforce and increasing prices as part of a new cost-cutting strategy for the at-home fitness brand.
Les mer »
Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipmentPeloton announced it would be reducing its workforce and increasing prices as part of a new cost-cutting strategy for the at-home fitness brand.
Les mer »
Anchorage motorcyclist killed in a crash with a calf mooseA collision happened at mile 131 of the Glenn Highway, between Glacier View and Eureka Lodge.
Les mer »
Oil Prices Plunge To Six-Month Low As New Data Shows China Economy Unexpectedly Deteriorated Last MonthOil prices plummeted to the lowest level in months on Monday morning after worse-than-expected data from China showed its economy unexpectedly slowed last month.
Les mer »