Barclays analysts Michael Cohen and Warren Russell said in a report on Friday (November 3) that the bank announced an increase in global economic growth and new supply disruptions that are creating the most favorable oil price environment since 2014. Oil price forecast for this year and next.
Barclays is now raising its Brent crude oil price forecast for the fourth quarter of 2017 to $60 per barrel and raising the 2018 estimate by $3 to $55 per barrel. At the same time, the bank raised the price of US WTI crude oil in 2018 by US$2 to US$51 per barrel.
The indicator Brent crude closed 2.4% higher on Friday, at $62.07 a barrel, the highest closing point in more than two years, and rose about 38% from the year-end low reached in June, as data showed that global demand rose. And the Organization of Petroleum Exporting Countries (OPEC) and other oil-producing countries may extend the production reduction agreement.
At the same time, US WTI crude oil also closed 2% higher on Friday, at $55.64 a barrel, the highest since July 2015, so the previously released US active rig data shows that US drilling activities will be moderate.
Barclays pointed out that crude oil exports and production in northern Iraq fell by 300,000 barrels per day last month due to unrest and technical problems. At the same time, the bank expects that Brent crude oil will rise to 70 US dollars in the future after shock consolidation near the level of 60 US dollars.
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