European Commission raises oil forecast for 2018

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BRUSSELS. KAZINFORM The European Commission has significantly raised the forecast of the average price for Brent crude in 2018, Kazinform special correspondent reports.

"Based on futures markets, prices for Brent oil are assumed to increase by an average of 24.6% to 68.3 USD/bbl in 2018 compared to 2017, before falling by 5.9% to 64.2 USD/bbl in 2019," reads the Winter 2018 Economic Forecast published today.

However, according to the Autumn 2017 Economic Forecast published in November last year, the European Commission predicted considerably lower prices for Brent oil: 55.7 and 54.7 USD/bbl in 2018 and 2019, respectively.

 

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