Banks Predict Crude to Average $63/Barrel

The Wall Street Journal reported that banks have raised their crude oil price forecasts for the sixth straight month and expect the price of Brent crude to average $63 a barrel this year.

The Journal surveyed 15 investment banks and reported that predictions are $1 higher in March than they were in February. Prices have been supported by OPEC’s commitment to cut production, according to the Journal.

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