The World Bank cuts its oil forecasts for 2016

Market news

26 January 2016

The World Bank cuts its oil forecasts for 2016

The World Bank released its annual Commodity Markets Outlook on Tuesday. The bank lowered its crude oil prices forecasts to $37 a barrel for 2016, down from its previous estimate of $51 a barrel. According to the World Bank, the reason for the downgrade is higher supply and weak demand.

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