January 22, 2019 (MLN): International Monetary Fund has cut its forecast for average crude oil price to $60 a barrel in 2019, to take into account concerns about global economic growth. Previously in October, the Fund had estimated average crude prices to be $70 a barrel.

Meanwhile, IMF predicts oil prices to average just below $60 per barrel in 2020. Earlier, the forecast for 2020 stood at $66 a barrel.

Previously, crude prices hit a peak of $86 per barrel in October.

Markets were abuzz with the talks of a return to $100/v oil, but it plunges to $50 a barrel

Both Saudi Arabia and Russia pumped at record highs in November, as US pressured Saudi Arabia to pump more crude to keep prices low.

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