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The World Bank said on the 26th that the 2016 crude oil price forecast is expected to rise to an average of US$43 per barrel due to supply disruptions in some oil-producing countries and recovery in demand
.
The World Bank said in its latest quarterly report "Commodity Market Prospects" that due to the interruption of crude oil production in Canada and Nigeria, crude oil prices rebounded by 37% in the second quarter of this year.
Therefore, the World Bank forecasted this year's oil price from April to an average of US$41 per barrel.
Increased to $43
.
The lead author of the report, John Buffs, pointed out that as the oversupply of the crude oil market has slowed down, crude oil prices are expected to rebound slightly in the second half of this year
.
However, because the inventory scale is still at a high level and it will take some time to fall back, crude oil prices are still hovering at a low level this year
.
The report pointed out that due to the continued high supply and the slowdown in demand from emerging market economies, energy prices including crude oil, natural gas and coal are still lower than last year's average
.
The report predicts that this year's energy prices will fall by 16.
4% compared with last year, and the rate of decline is slower than the April forecast
.
The report predicts that metal prices will fall by 11% this year, higher than the 8.
2% drop predicted by the agency in April
.
This mainly reflects weak demand and the launch of new production capacity
.
Due to the poor harvest of agricultural products in South America and the stable demand for biofuels, the World Bank predicts that the prices of agricultural products this year will fall by 0.
7% from last year, which is less than the 4% forecast in April
.
.
The World Bank said in its latest quarterly report "Commodity Market Prospects" that due to the interruption of crude oil production in Canada and Nigeria, crude oil prices rebounded by 37% in the second quarter of this year.
Therefore, the World Bank forecasted this year's oil price from April to an average of US$41 per barrel.
Increased to $43
.
The lead author of the report, John Buffs, pointed out that as the oversupply of the crude oil market has slowed down, crude oil prices are expected to rebound slightly in the second half of this year
.
However, because the inventory scale is still at a high level and it will take some time to fall back, crude oil prices are still hovering at a low level this year
.
The report pointed out that due to the continued high supply and the slowdown in demand from emerging market economies, energy prices including crude oil, natural gas and coal are still lower than last year's average
.
The report predicts that this year's energy prices will fall by 16.
4% compared with last year, and the rate of decline is slower than the April forecast
.
The report predicts that metal prices will fall by 11% this year, higher than the 8.
2% drop predicted by the agency in April
.
This mainly reflects weak demand and the launch of new production capacity
.
Due to the poor harvest of agricultural products in South America and the stable demand for biofuels, the World Bank predicts that the prices of agricultural products this year will fall by 0.
7% from last year, which is less than the 4% forecast in April
.
