Barclays Cuts Oil-Price Forecasts on World Supply Surplus
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Barclays Plc cut its oil-price forecasts for the second time this month, citing expectations that OPEC won’t cut supplies sufficiently to remove a global surplus.
The bank reduced its 2015 estimate for the average Brent price to $93 a barrel from $96, and for West Texas Intermediate to $85 from $89. Still, oil has probably reached its lowest point for this year as the oversupply temporarily diminishes and “should recover modestly” during the rest of the quarter, the bank said.