London: Oil prices fell on Tuesday as global oversupply encouraged several banks cut their price forecasts. Barclays bank also cut its 2017 and 2018 Brent forecasts to $52 a barrel for both years from $55 and $57 respectively. Crude prices are about 18% below their 2017 opening levels despite a deal led by the Organization of the Petroleum Exporting Countries (Opec) to cut production from January. US oil production has jumped more than 10% over the last year to 9.34 million bpd. Without further cuts by Opec and other producers or a significant fall in oil inventories or a decline in US drilling, Goldman said crude prices could fall below $40 per barrel.

Source: Mint July 11, 2017 10:52 UTC