Oil prices set for deeper fall in 2020, even as lockdowns ease: Reuters poll [Reuters]
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Source: Reuters
Oil prices set for deeper fall in 2020, even as lockdowns ease: Reuters poll (Reuters) - 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 on Thursday. The survey of 45 analysts forecast Brent crude would average $35.84 a barrel in 2020, 7.5% below the $38.76 consensus in a March survey. It has averaged $45 so far this year. Brent and U.S. West Texas Intermediate crude both dived below $20 this year. Brent, the global benchmark, was trading around $25 on Thursday, more than 60% lower than at the end of 2019 as lockdowns have hammered demand for fuel. “It feels like high noon on oil markets. Storage close to capacity limits and rapidly filling creates a blistering tension filled with fear about an overflowing market,” said Norbert Ruecker, head of economics at Swiss bank Julius Baer. U.S. WTI crude, which slipped below zero
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