Brent to Stay Below $50 in 2016

Average Brent Crude Oil prices will stay below $50 per barrel in 2016, according to oil and gas analysts at FirstEnergy Capital.

“We have changed our commodity price outlook and have reduced our Brent oil price for 4Q16e. We remain bullish on oil, with no changes in our 2017e and longer-term forecasts,” said FirstEnergy Capital in a brief research note sent to Rigzone.

The financial advisory firm expects the price of Brent Crude to average $45.30 per barrel this year, with WTI coming in at an average of $43.50 per barrel. FirstEnergy Capital expects the price of Brent to rise towards $70 per barrel in 2018 and into the mid-$70s per barrel by 2019.

Brent Crude has crashed from highs of over $100 per barrel in 2014 to lows of $27 per barrel in January this year. At the time of writing, the price of Brent was $46.21 per barrel.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Subsea 7 Secures Services Contract Off... (Oct 20)
 -  Faroe to Increase CAPEX in 2017 (Oct 19)
 -  Norwegian Production Drops 18% Month-o... (Oct 18)
 -  Production Still Shut at Statfjord A F... (Oct 17)
 -  EMGS Confirms Further Staff Cuts (Oct 17)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Technical Sales- Decontamination/Chemical Cleaning Services
Expertise: Sales
Location: Baton Rouge, LA
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours