Oil analysts more bearish as OPEC deal under scrutiny - Reuters Poll

The latest Reuters survey of 33 analysts and economists showed the Brent crude would average $52.45 per barrel in 2017, below the $53.96 per barrel forecast in June.

Oil analysts have cut their 2017 crude price forecasts for a sixth straight month in July, citing concerns over adherence to the OPEC output cut deal, Reuters reports.

Key Quotes:

“The poll forecast U.S. light crude would average $50.08 a barrel in 2017, down from $51.92 in June's forecast.

Analysts also lowered their price outlook for 2018.

Brent is now seen averaging $54.51 per barrel, down from $57.37 in the June poll. WTI is seen at $51.88, down from $55.20 in June.

A few analysts expect the market to show a narrow deficit by the end of the year if OPEC sticks to its supply deal and US shale producers moderate their pace of drilling. Others believe the rebalancing could be pushed into next year.”