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Societe Generale Reduces Forecast of Oil Prices for Second Time

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Analysts predict a decline in oil prices in the second half of 2017

Analysts of Societe Generale for the second time since the beginning of June have lowered the forecast for oil prices for WTI and Brent for the next two years against the backdrop of increased production in the US, Libya and Nigeria.

According to their estimates, the average cost of WTI in 2017 will be $ 49.45 per barrel against the previously expected $ 53.8 per barrel, and next year – $ 51.5 per barrel instead of $ 57.5.

It is expected that the average price of Brent this year will be $ 52 per barrel, and next year – $ 54 per barrel. Earlier, the forecast was $ 56.4 and $ 60 per barrel, respectively.

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