Haberler    English    العربية    Pусский    Kurdî    Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 24/01/2019 06:28 
10.01.2019 14:59 News >> Morgan Stanley Lowers Oil Price Forecast For 2019

Morgan Stanley Lowers Oil Price Forecast For 2019

Brent is estimated to average $61 per barrel this year; down from previous forecast of $69 a barrel.

American investment banking and financial services firm Morgan Stanley lowered its crude oil price forecast for 2019 due to weak global economic growth expectations and rising oil supply worldwide, the company said Wednesday.

International benchmark Brent crude is now estimated to average $61 per barrel this year; down $8 a barrel from its previous estimate of $69 per barrel.

American benchmark West Texas Intermediate (WTI) is forecast to average $54 a barrel; down $6 per barrel from its earlier forecast of $60 a barrel.

The firm said the downward price revision is a result of "weakening economic growth expectations" and increasing oil supply in the world, especially from the U.S.

The U.S.' crude oil production sustained at its record high level of around 11.7 million barrels per day for the week ending Jan. 4, according to the country's Energy Information Administration data released on Wednesday.

Global economic growth is expected to slowdown in 2019, compared to last year, which is set to keep downward pressure on global oil demand and on crude prices.

The World Bank was the latest organization to lower global growth forecast for this year. The bank said Wednesday that global economic growth would slow to 2.9 percent this year, from 3 percent in 2018.

"International trade and manufacturing activity have softened, trade tensions remain elevated, and some large emerging markets have experienced substantial financial market pressures," the World Bank said in its Global Economic Prospects report. -



        Latest News
Update 2 - Venezuela's Maduro Cuts Ties With US Amid Protests -27 minutes ago...
President’s move comes after U.S. recognized opposition controlled National Assembly's head as 'acting president'
US Bucks Maduro, Will Keep Diplomats İn Venezuela 3 minutes ago...
Secretary of State Mike Pompeo says US ‘does not recognize the Maduro regime as the government of Venezuela’
US Expresses Concern For 'Arbitrary' Force İn Sudan -27 minutes ago...
State Dept. condemns 'use of violence' in almost month long protests.
Rare Slave Memoir İn US Tells Story Of African Muslim 3 minutes ago...
Omar ibn Said’s autobiography written in Arabic, a language hardly understood by anyone in US in early 1800s.
Update - Venezuela's Maduro Cuts Ties With US Amid Protests 18 minutes ago...
President’s move comes after U.S. recognized opposition controlled National Assembly's head as 'acting president'

 
      Top News
Update - Venezuela's Maduro Cuts Ties With US Amid Protests Update - Venezuela's Maduro Cuts Ties With US Amid Protests
Erdogan Voices Support For Venezuelan President Maduro Erdogan Voices Support For Venezuelan President Maduro
Trump Vows To Carry On With State Of Union Address Trump Vows To Carry On With State Of Union Address
India: Muslim-Hindu Couples' Kids Have Property Rights India: Muslim-Hindu Couples' Kids Have Property Rights
Turkey Working To Solve 'Devastating' Crisis İn Syria Turkey Working To Solve 'Devastating' Crisis İn Syria
Turkey Sends Condolences To Families Of Vessel Fire Turkey Sends Condolences To Families Of Vessel Fire
Us: Pence Urges Venezuelans To Back Opposition Leader Us: Pence Urges Venezuelans To Back Opposition Leader
European Commission Fines Mastercard Nearly $650M European Commission Fines Mastercard Nearly $650M
4 Protesters Suffer Eye İnjuries: French Minister 4 Protesters Suffer Eye İnjuries: French Minister
Update - Turkey's Borsa Istanbul Up Over 1.7 Pct At Close Update - Turkey's Borsa Istanbul Up Over 1.7 Pct At Close