NEW YORK, April 30 — Oil prices are headed for further falls this year even as countries ease restrictions related to the coronavirus crisis, while output cuts by top producers will do little to fix a supply glut, a Reuters poll showed today. The survey of 45 analysts forecast Brent crude would...
Thursday, 30 Apr 2020 07:58 PM MYT
The survey of 45 analysts forecast Brent crude would average US$35.84 a barrel in 2020, 7.5 per cent below the US$38.76 consensus in a March survey. It has averaged US$45 so far this year. US WTI crude, which slipped below zero for the first time ever this month as traders scrambled to sell the May contract ahead of its expiry, was forecast to average US$31.47 a barrel in 2020 in the latest poll, down from US$35.29 in March.
“On the other hand, we already see a decline in open interest in the June contract, as exchange-traded funds and commodity indices roll out and other investors try to avoid holding contracts as prices might tumble closer to expiry.” The Organisation of Petroleum Exporting Countries , Russia and other allied producers, a group known as Opec+, agreed this month to cut their combined production by a record 9.7 million bpd, starting from May 1.
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