| Bank of America Merrill Lynch on Monday lowered its forecasts for crude oil prices for this year and next, amid a global glut in supply that looked poised to continue and a likely swift yuan depreciation in China.
The investment bank cut its 2016 Brent price forecast to $46 per barrel from $50, and lowered its price view for West Texas Intermediate (WTI) to $45 per barrel from $48. BofA said impending Iranian supplies that are about to hit the market, coupled with yuan depreciation, could push oil prices down to the mid-$20s, given the extremely high inventories already...............................................Full Article: Source
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