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.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
