IMF cut its forecast for average crude price to $60/b in 2019

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.

Copyright Mettis Link News

Posted on: 2019-01-22T11:39:00+05:00

25535