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Barclays raises crude oil price forecasts

Cites geopolitical tensions, unplanned outages and lower natural gas prices in the US


Barclays raised its 2015 and 2016 average crude price forecasts on Tuesday, citing geopolitical tensions, unplanned production outages and lower natural gas prices in the United States. The bank increased its Brent price forecast by $9 to $60 a barrel for 2015 and by $8 to $68 in 2016. It also raised its WTI price outlook by $8 to $54 a barrel this year and by $7 to $64 for 2016. "The oil market is not out of the woods yet and weak fundamentals will weigh on prevailing bullish market sentiment in the second quarter," analysts at the bank said in a research ...

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First Published: Tue, April 28 2015. 11:48 IST