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Oil slips as banks cut price forecast till 2018

Brent crude was down 50 cents at $46.38 a barrel and US crude was 50 cents lower at $43.90

Reuters  |  London 

Oil prices fell on Tuesday as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Brent crude was down 50 cents at $46.38 a barrel by 1120 GMT. US crude was 50 cents lower at $43.90. "The fundamental mood has taken a turn for the worse," Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum. BNP Paribas slashed its forecasts for Brent by $9 to $51 a barrel for 2017 and by $15 to $48 for 2018. Barclays also cut it's 2017 and 2018 Brent forecasts to $52 a barrel for both ...

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First Published: Tue, July 11 2017. 17:54 IST
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