Bearish drivers for crude oil prices
The rise in crude oil production from Libya and Iran in 2017 could pressure crude oil (PXI) (USL) (USO) (UCO) prices. For more on this, read the previous part of the series. For more on crude oil prices, read Part 1 of this series. For more bearish and bullish drivers, read Decoding US Crude Oil Prices in the Last 12 Months.
Crude oil price forecasts
A Wall Street Journal survey of major banks predicts that Brent crude oil prices will average $56 per barrel in 2017 and that US WTI crude oil prices will average $55 per barrel in 2017. Brent and WTI crude price forecasts were upgraded by $1 per barrel from last month’s survey. Banks upgraded crude oil price forecasts due to the crude oil market rebalancing following major oil producers’ production cut plans.
Simmons & Co. International expects crude oil prices to trade between $50 per barrel and $60 per barrel in 2017.
Read Will Crude Oil Prices Test 3 Digits Again? for more on crude oil price forecasts.
For more on crude oil prices, read What Can Investors Expect in the Crude Oil Market in 2017 and OPEC, Russia, and the US Will Impact Crude Oil in 2017.
For related analysis, visit Market Realist’s Energy and Power page.