| ABN Amro kept its 2015 oil price forecasts, but reduced its 2016 prices significantly, citing a worsening oil oversupply situation. The bank maintained its 2015 Brent and West Texas Intermediate (WTI) forecasts of $60 and $55 per barrel, respectively. But it cut 2016 Brent and WTI price forecasts by $10 to $65 and $60 per barrel, respectively.
ABN Amro said it expects a recovery with the market returning to balance with lower oversupply, mainly due to marginally higher demand and a weaker dollar during the course of 2016. "However, the oversupply will remain larger than previously expected as the OPEC produces above its quota, and also the US crude production will remain elevated," Hans van Cleef, senior energy economist at the bank said in a note Tuesday...............................................Full Article: Source
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