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.
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