Crude oil on Wednesday held mostly steady as concerns about volatility in global markets offset an unexpected drop in US inventories. Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while US West Texas Intermediate (WTI) crude futures eased 12 cents to $63.27 a barrel.
Crude is struggling to extend last month’s largely dollar-driven gains on speculation that US output will impede efforts by the Organization of Petroleum Exporting Countries (OPEC) to drain a glut. According to an online poll conducted by Business Standard, more than 55% people are of the opinion that crude oil prices will float between $60 to $70 per barrel in 2018.
57% of Twitter users said that crude oil prices would stick to $60 to $70 per barrel in 2018, while 43% feel that it will rally above $70.
56% of Facebook users said that crude oil prices would range between $60 to $70 per barrel in 2018, while 44% were of the opinion that it will rally above $70.
Recently, crude prices went above US$ 70 per barrel and slumped more than 1% on Tuesday.
Crude oil to rise above $80 per barrel in 2018?
Last week Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co abandoned their skepticism and accepted that Opec’s output cuts are finally succeeding in clearing a global glut.
Goldman Sachs raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and U.S. drillers' inability to meet the world's growing energy appetite.
The investment bank now sees Brent, the international benchmark for oil, averaging $75 a barrel over the next three months, up from its previous target of $62. Goldman also raised its six- and 12-month forecasts to $82.50 and $75, respectively.