Wall Street banking analysts expect that a decrease in global fuel supplies and growing geopolitical risks that could negatively affect global supplies will lead to further rebalance of the market in the coming months. Experts raise the forecast for oil prices for the sixth month in a row, according to the results of a monthly survey of The Wall Street Journal.
Average Brent crude price forecast for 2018 was raised to $63 per barrel this year, WTI - $59 per barrel. In the long term prices will be fairly stable before they fall again, analysts believe.
Oil prices in January rose above $70 per barrel, reaching its peak in three years, but then fell again on rise of U.S. shale growth. However, in recent weeks, the market has been supported by news of a drop in stocks outside the U.S., as well as growing tension between the U.S. and Iran.