Special Report
Oil prices seen rising as oversupply diminishes
Good news for Nigeria: Oil prices seen rising as oversupply diminishes, $41 per barrel
-World Bank Raises 2016 Oil Price Forecast, Revises Down Agriculture Price Projections
Lashley Oladigbolu a WorldBank OMBC Correspondent reports.
WASHINGTON, April 26, 2016
Amid improving market sentiment and a
weakening dollar, the World Bank is raising its 2016 forecast for crude
oil prices to $41 per barrel from $37 per barrel in its latest Commodity
Markets Outlook, as an oversupply in markets is expected to recede. In the quarterly report from World Bank's Commodity Market Outlook released on 26th April, 2016 it was revealed that the crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.
