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The World Bank cuts its oil price forecasts
The World Bank lowered its oil price forecasts for 2015 and 2016 on Tuesday. The lender expect the crude oil prices to be $52 per barrel in 2015, down from its July estimate of $57 per barrel. Crude oil prices are expected to be $51 per barrel in 2016.
The World Bank said that the downward revision was driven by a slowdown in the global economy, high current oil inventories, and expectations that Iran will boost its oil exports.
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