Ratings agency Moody's Investors Service lowered its forecasts for the both Brent crude and WTI crude prices as oil oversupply is expected to persist. The agency expect Brent crude to be $53 per barrel in 2016, down from its previous estimate of $57, while WTI is expected to be $48 per barrel, down from $52.

Both oil prices are expected to rise by $7 per barrel in 2017, down $5 per barrel from its previous estimate.