| Big banks are slashing their outlook for oil and see prices recovering more slowly than previously anticipated as the market remains caught in the grip of a supply glut. A survey of 13 investment banks by The Wall Street Journal foresees Brent crude, the international oil-price benchmark, averaging $39 a barrel this year, down $11 from the survey in January.
The banks see West Texas Intermediate, the U.S. oil gauge, averaging $38 a barrel this year, also down $11 from the previous survey. The banks have cut their price outlook in every survey since August...............................................Full Article: Source
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