Moody’s sees oil prices at $40-$60 per barrel this year

Moody’s Investors Service said on Tuesday it expects oil prices in the range of $40 to $60 per barrel in 2018, with abundant supplies of U.S. natural gas constraining prices, even while demand goes up.

“Prices will likely remain range-bound, and possibly volatile, on a combination of increasing U.S. shale production, reduced but still significant global supplies, and potential non-compliance with agreed production cuts – especially if demand growth is more tepid,” Moody’s said.

Oil price rise in late 2017 was supported by assumptions of OPEC extending its agreement to cut production and “political unrest” in the middle east, Moody’s said.

Source: Reuters

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