Crude oil prices set for deeper fall in 2020, even as lockdowns ease: Poll
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.
