Mubasher: A recent poll by The Wall Street Journal showed that banks have cut their oil-price forecasts despite a recent price increases, due to concerns of a crude oil oversupply in the next year.
This the fifth consecutive month in which banks decrease their estimates for oil prices, according to WSJ.
The poll showed that of 15 investment banks surveyed by The Wall Street Journal at the end of September predicted that Brent crude will average $53 per barrel (pb) in 2018, down by $1 from the August survey
Banks also expect the West Texas Intermediate (WSI) to average $50 pb in the upcoming year, with another $1 cut from the previous survey.
