Barclays cuts 2020 oil price outlook on price war, virus impact

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Barclays cuts 2020 oil price outlook on price war, virus impact
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Barclays on Tuesday slashed its oil price forecasts for 2020, citing OPEC's...

FILE PHOTO: A seagull flies in front of an oil platform in the Bouri Oilfield some 70 nautical miles north of the coast of Libya, October 5, 2017. REUTERS/Darrin Zammit Lupi/File Photo

The bank lowered its 2020 Brent price forecast to $43 per barrel and West Texas Intermediate price outlook to $40. The bank had previously forecast Brent prices at $59 per barrel for this year and WTI at $54, as of end-February. OILPOLL2 Oil prices on Monday suffered their biggest daily rout since 1991 after Saudi Arabia and Russia began their price war even as the fast-spreading coronavirus was expected to curtail global demand growth. [O/R]

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