| Ratings agency Moody's has cut its price outlook for the both Brent crude and WTI, believing the rise in prices will take place at a much slower pace than originally forecast as oversupply and demand issues show no signs of waning. The agency downgrade it price assumption in 2016 for Brent crude to $53 per barrel, down from $57. WTI was cut to $48 from $52 per barrel.
Moody's expects both prices to rise by $7 per barrel in 2017, which is down $5 per barrel from its prior forecast. "We believe that oil prices will remain lower for a longer period, as large built-up inventories and oversupply cause oil prices to increase at a slower rate," said managing director of corporate finance at the group, Steve Wood...............................................Full Article: Source
|