Oil prices to remain capped around $ 50/ bbl in Q3 2017 - CNBC Poll
According to the results of the latest CNBC poll of energy strategists, traders and economists, oil prices are expected to remain capped around $ 50/ barrel this quarter, as the OPEC’s efforts to rebalance markets will be somewhat offset by the US shale output growth.
Key Findings from the survey:
“CNBC surveyed 21 strategists, traders and economists.
Attempts to prop up the price of oil by the producer group have encouraged U.S. suppliers to put more oil onto an already over-supplied market. But bulls say that's changing as American production shows signs of leveling out and recent declines in U.S. inventories point to market re-balancing.
Brent crude will average $50 a barrel in the July to September period, the lowest call was for $40 oil, while the highest was $56.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
