FXStreet (Mumbai) – As WSJ reports, the World Bank nudged up its 2015 forecast for crude oil prices from to $57 a barrel from a previous forecast of $53 in April, after oil prices rose 17% in the April-June quarter. It however expects energy prices to average 39% below 2014 levels.
The bank said in its quarterly report published on Wednesday. “World oil demand growth is expected to slow in the second half of the year as the effects of lower prices diminish, with annual global growth projected at 1.4 million barrels/day or 1.5 percent year-on-year.”
Global oil demand in 2016 is projected to slow even further to 1.2 million barrels a day or 1.3 percent, the World Bank said.
The bank added, “While, large inventories and rising output from OPEC “suggest prices will likely remain weak in the medium-term.”
(Market News Provided by FXstreet)