Oil prices are headed for further falls this year even as countries ease restrictions related to the coronavirus crisis, while output cuts by top producers will do little to fix a supply glut, a Reuters poll showed on Thursday.
The survey of 45 analysts forecast Brent crude would average $35.84 a barrel in 2020, 7.5 per cent below the $38.76 consensus in a March survey. It has averaged $45 so far this year.
Brent and US West Texas Intermediate crude both dived below $20 this year. Brent, the global benchmark, was trading around $25 on Thursday, more than 60 per cent lower than at the end of 2019 as lockdowns have hammered demand for fuel.
