Analysts have slashed their oil price forecasts to the lowest in more than 16 mo...
- Analysts have slashed their oil price forecasts to the lowest in more than 16 months, citing softening global demand as an economic slowdown looms and uncertainty prevails on the U.S.-China trade front, a Reuters poll showed on Friday.
“The ongoing U.S.-China trade disputes and emanating risk of economic slowdown will be the key factors affecting prices for the rest of this year and in 2020,” ANZ analyst Soni Kumari said.The trade row between the world’s top two economies has been a major factor behind a roughly 20% drop in oil prices from 2019 highs hit in April, with Beijing announcing tariffs on U.S. crude imports last week.
Meanwhile, global demand was forecast to grow by 0.9–1.3 million barrels per day in 2019, versus July’s 0.8–1.4 million bpd projection. “While we see aggressive monetary policy ending the downturn and prolonging the economic cycle, next year’s expected growth rates are too lackluster to lift oil demand meaningfully.”
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