Jan 3, 2019

Oil Price Estimates For 2019

By Eddie Gunn

Analysts have given varying estimates for oil prices for 2019. Forecasts for Brent crude mostly fall in a range of $68-$73 a barrel. The investment banks and the US Energy Information Administration see the US crude averaging around $59-$66 a barrel. 

Prices for the Brent and WTI averaged $71.40 and $65.18 a barrel respectively in 2018, as per data from the US EIA. 

Although the outlook appears bright, the commodity continues to face a number of headwinds ranging from trade war fears which can have a negative impact on oil demand and a surge in production from the US in the late-2019 as new pipelines are deployed in the Permian Basin. 

Further reading: CNBC