Oil watchers see $70 a barrel in 2019 as recession fears fade3 min read 28 Dec 2018, 12:06 PM IST
Despite plans by OPEC and its allies to limit production next year to prevent a glut from forming, oil's fortunes have increasingly been driven by moves in financial assets and concerns about the global economy
London: The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New York plunged this quarter, with volatility soaring in its final week as crude tracked gyrations in equity markets.