Poll: OPEC+ deal collapse, virus double whammy to keep oil in $30s range [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Poll: OPEC+ deal collapse, virus double whammy to keep oil in $30s range Oil prices are set to languish near current lows in coming months as the collapse of a deal among major producers to curb output hammers a market already reeling from falling demand due to the coronavirus, a Reuters survey showed on Friday. Analysts in the snap poll slashed their forecasts of Brent crude prices to $42 a barrel on average this year versus the $60.63 consensus in the February monthly poll. The global benchmark is expected to average about $34.87 in the second quarter and $39.05 in Q3, before regaining some ground to $44.08 in the final quarter. The survey of 21 analysts forecast U.S. crude will average $30.37 per barrel in Q2 and about $37 for the year. “The end of OPEC+ was long overdue and lower prices are here to stay at the very least for the next couple of quarters. Both Brent and West Texas Intermediate crude will need to get used to sub-$30 oil prices,” said Edward Moya, a senior market anal
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