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Barclays raises oil price view on tighter supply outlook


(Reuters) - British bank Barclays on Tuesday raised its outlook for oil prices for this year and next amid expectations of lower supply from Libya and Iran."Due to new outages and a quicker Iran supply reduction, we see Brent and WTI prices averaging $71 per barrel and $65 per barrel next year," the bank said.Barclays had previously forecast Brent to average $65 per barrel in 2019. The bank also raised its outlook for Brent prices to average $73 per barrel in the second half of the year from $70 earlier.Libya's national oil production fell to 527,000 barrels per day (bpd) from a high of 1.28 ...

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First Published: Tue, July 10 2018. 13:40 IST