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Oil watchers see $70 a barrel in 2019 as fears of recession prove misplaced

Oil's fortunes have increasingly been driven by moves in financial assets and concerns about the global economy

What oil at $50 a barrel means for the world economy, India
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Alex Longley | Bloomberg
The world’s biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced.

The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price on Thursday, according to a Bloomberg survey of oil analysts. Futures in London and New York plunged this quarter, with volatility soaring in its final week as crude tracked gyrations in equity markets.

Despite plans by OPEC and its allies to limit production next year to prevent a glut from forming, oil’s fortunes have increasingly been driven by moves in financial assets and concerns

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First Published: Dec 28 2018 | 7:42 AM IST

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