The Jefferies downgrades oil forecasts

Baku. 29 August. REPORT.AZ/ The Jefferies investment bank of the United States has lowered its Brent oil price forecast to $ 57 / bbl from $ 64 per barrel in 2018.

Report informs citing the Bloomberg, bank's average Brent crude oil price calculations were cut to $52 per barrel for 2017, from $55; to $57 for 2018 from $64; to $60 for 2019 from $67; to $65 from $70 for 2020; and to $65 from $70 for the "long term".

"In the short term, supply in the oil market will be high. But in the long-term prospect, oil reserves are expected to diminish and prices are expected to rise relatively”, says the statement.