Cairo-Mubasher: Moody's Investors Service lowered its estimates for oil and gas prices in 2016 and maintained its “Negative” outlook for the firms operating in the field that year.
The rating agency downgraded its price assumption for Brent to $43 from $53 per.
It expected prices to rise to$5 per barrel in 2017 and 2018, the agency reported.
Moody’s has also decreased its expectations for West Texas Intermediate (WTI) crude, the North American benchmark, to $40 from $48 per barrel.
“Moody's forecasts that global oil demand will rise by roughly 1.3 million barrels per day in 2016, an increase from its previous assumptions as oil consumption picks up in countries such as the US, China, India and Russia,” said the rating agency.
