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Global glut of oil in 2016 will limit gains

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rocky
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Global glut of oil in 2016 will limit gains

Post by rocky on Sat 04 Jun 2016, 4:33 am

[size=30]Global glut of oil in 2016 will limit gains[/size]
04/06/2016 09:41 | Number of Views: 143
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[rtl]Direction Press / Agencies
Opinion poll showed a Reuters poll released on Tuesday that is likely to challenge the world's oil supply glut of crude price gains in the current year despite a series of unforeseen production and contraction of the US shale oil production disruptions. And caused forest fires in Canada and political unrest in Venezuela and disruption to supply in Nigeria and Libya stopped production of nearly four million barrels per day. That led to allay fears of oversupply and helped push oil prices to near $ 50 a barrel for the first time in seven months. But some analysts do not expect more than the annual average oil prices for this level a lot before next year. In the latest monthly opinion polls conducted by Reuters Thirty-three analysts who participated in the survey that the average price of crude up Brent global measurement in 2016 to $ 43.60 a barrel, up $ 1.30 from last month's forecast of his arrival to $ 42.30 a barrel forecast.This represents the third consecutive monthly increase in the forecast of Brent prices, which averaged about $ 39 a barrel since the beginning of the year. However, global oil inventories, which reached record highs, are expected to shift without achieving any significant gains for some time. The poll showed that is expected to reach an average price of Brent futures to $ 56.40 a barrel in 2017 to rise to $ 64.30 in 2018. Thomas said the Pew at Capital Economics commodities analyst "cases of disruption of production of the main factors supporting prices at the moment. we do not believe that prices will increase significantly from what it is now. " "In fact, we see that prices are prone to come down in the near term if some of the stalled supplies have returned or are signs that high prices stimulate more production emerged." Analysts expect the participants in the Reuters poll to average US crude futures to $ 42 a barrel in 2016, up 1.50 dollars from the estimates in last month's poll.


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