NEWS： Oversupply and slowing economic growth will drag down oil prices in 2019
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Crude oil prices are likely to trade below $70 a barrel in 2019, according to a Reuters survey on Monday, as overproduction in the United States and slowing economic growth will undermine the efforts of the Organization of Petroleum Exporting Countries (OPEC) to lead the market.
A survey of 32 economists and analysts predicted that the average price of Brent crude oil in 2019 would be $69.13 a barrel, down more than $5 from last month's forecast.
The average price of Brandt crude oil in 2018 was $71.76.
"In the first half of 2019, the market will be dominated by concerns about oversupply," said Ashley Petersen of Stratas Advisors.
To reduce global inventories and support oil prices, the Organization of Petroleum Exporting Countries (OPEC) and Russia-led non-OPEC oil producers agreed to cut production by 1.2 million barrels per day.
But production cuts began in January, and oil prices have fallen by more than 15% since the announcement of the agreement.
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