Thursday, May 10, 2018

Citing geopolitical risk, U.S. raises oil price forecast

U.S. raises oil price forecast
A forecast for a $7 per barrel increase in the average price for oil this year was made before the U.S. left the Iranian nuclear deal, the government said.

In a daily market brief, the U.S. Energy Information Administration said it expected the price for Brent crude oil will be around $71 per barrel for the year, an increase of $7 per barrel from its April forecast. In April, when EIA was developing its forecasts for this month, geopolitical risk emerged as a factor for a premium on the price of oil.

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