Banks cut their oil-price forecasts for a fifth consecutive month despite a recent price rally amid concerns that the oversupply of crude will grow next year. A poll of 15 investment banks surveyed by The Wall Street Journal at the end of September predicted that Brent crude, the international benchmark, will average $53 a barrel next year, down $1 from the August survey. The banks expect West Texas Intermediate, the U.S. oil gauge, to average $50 a barrel in 2018, also down $1 from the previous survey.

Source: Wall Street Journal October 03, 2017 06:56 UTC