Crude oil prices will float between $60-70 per barrel in 2018: BS poll

Crude oil
Crude oil on Wednesday held mostly steady as concerns about volatility in global markets offset an unexpected drop in US inventories. Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while US West Texas Intermediate (WTI) crude futures eased 12 cents to $63.27 a barrel.

Crude is struggling to extend last month’s largely dollar-driven gains on speculation that US output will impede efforts by the Organization of Petroleum Exporting Countries (OPEC) to drain a glut. According to an online poll conducted by Business Standard, more than 55% people are of the opinion that crude oil prices will float between $60 to $70 per barrel in 2018.

57% of Twitter users said that crude oil prices would stick to $60 to $70 per barrel in 2018, while 43% feel that it will rally above $70.

56% of Facebook users said that crude oil prices would range between $60 to $70 per barrel in 2018, while 44% were of the opinion that it will rally above $70.

Recently, crude prices went above US$ 70 per barrel and slumped more than 1% on Tuesday.

Crude oil to rise above $80 per barrel in 2018?

Last week Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co abandoned their skepticism and accepted that Opec’s output cuts are finally succeeding in clearing a global glut.

Goldman Sachs raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and U.S. drillers' inability to meet the world's growing energy appetite.

The investment bank now sees Brent, the international benchmark for oil, averaging $75 a barrel over the next three months, up from its previous target of $62. Goldman also raised its six- and 12-month forecasts to $82.50 and $75, respectively.

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