Mubasher: Fitch Ratings that oil prices will remain down in 2017, amid uncertainty about their future path.
Both Brent and West Texas Intermediate (WTI) prices will stay down at $45 per barrel in 2017, according to Fitch report released on Tuesday.
"We have also maintained our $55 per barrel assumption for 2018 and introduced a 2019 price expectation of $60," the report said.
The rating firm expected that supply and demand would be broadly balanced in the first half of 2017, with a move to a more pronounced deficit from the second half.
The report noted that high commercial inventories may delay any significant price response.
"Our price assumptions do not factor in any impact from a possible OPEC production cut agreement during its meeting scheduled for 30 November. This is because even if a deal is agreed, its ability to have a lasting impact on prices is unclear and will depend on the size of the cuts and the willingness of members to stick to them," Fitch added.
