Scott Darling, head of the Asia-Pacific oil and gas research department at JPMorgan Chase, told CNBC that the American bank had changed its forecast for the price of Brent crude for 2019, lowering it from $83.5 to $73 per barrel. For 2020, the average price of Brent crude oil is expected at the level of $64 per barrel. The growth of production in North America expected in the second half of 2019 IS the main reason for the decline in forecast. According to Darling, in order to eliminate the imbalance of supply and demand in the oil market, OPEC members and their partners need to cut production by 1.2 million barrels per day next year.
The Bank of England will announce next week how quickly it expects the economy to recover from the coronavirus pandemic, but it is unlikely to add to the 100 billion pounds of the fiscal package it released in June. Britain’s economy ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
June had seen Japan’s wholesale prices dropping slower than May’s historic decline. This followed as commodity costs advanced and some of the virus-driven deflationary pressure eased on a rebound monitored in Chinese demand. The ...
China saw its factory gate data for June perform better than expected on Thursday morning. However, persistent deflation indicated that the impact from the COVID-19 pandemic still continues to linger. The data, released by the National Bureau ...
Oil futures dropped on Wednesday as the build in U.S. crude inventories exceeded forecasts, raising concerns of oversupply. Brent crude lost 2 cents to $42.61 per barrel, while U.S. West Texas Intermediate crude futures slid 0.1%, or 4 cents, ...