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QNB sees oil prices at $65 pb in 2018

QNB sees oil prices at $65 pb in 2018

Mubasher: Qatar National Bank (QNB) upgraded its forecasts for crude oil prices despite the recent fall, as higher prices would boost production in the US and non-members of the Organization of Petroleum Exporting Countries (OPEC), offsetting the continued growth in demand.

QNB expected prices to range between $60 and $65 per barrel (pb), up from previous estimates of $55 to $60 pb, a report by the bank showed on Monday, noting that revisions were “based on a combination of a regression model, the oil futures curve, and consensus forecasts” which the bank attributed to the balanced global oil market.

“We expect the market to move from being undersupplied in 2017 to balanced in 2018,” the bank stated in a note.

Brent crude futures last rose 0.37% to $65.08 per barrel (pb), while Nymex crude surged 0.68% to $62.10 pb, but both remained low compared with their levels above $70 pb seen late January.