Commerzbank: no improvement on horizon for oil prices

Oil markets show virtually no signs of improvement, and the situation is expected to get worse before it gets better. The London branch of Commerzbank AG reckons that Brent crude oil futures will average $11/bbl this year, a drop of $3/bbl from its previous forecast. While the bank expects Brent futures to recover to an average of $13/bbl in 2000, it also fears that Persian Gulf producers may attempt to keep oil prices at $10/bbl for a number of years to squeeze out higher-cost producers. Market update "Demand remains very weak," said Commerzbank, "OPEC (Organization of Petroleum Exporting Countries) compliance is slipping, and further production cuts are unlikely before March; in...

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