CHICAGO: Analysts following the US$1.8 trillion-a-year oil market are tempering bullish price outlooks after the commodity lost about 10% of its value in less than two weeks amid ominous signs the worldwide supply glut may not be shrinking.
Tudor, Pickering, Holt & Co International, the Houston investment bank, on Wednesday slashed its 2018 forecast for the dominant North American crude, West Texas Intermediate, by 13% to US$65 a barrel. The reason: They see US output rising by 1.2 million barrels a day in that time, 50% more than in an earlier forecast.
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