UBS oil forecast for 2016

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UBS oil forecastAnother investment bank lowers their oil forecast for 2106. UBS now expects crude oil to average $40 a barrel in 2016, down from $52.50 per barrel in their previous forecast . UBS forecast for Brent oil has also slashed from $57.50 to $42.50 per barrel. The bank explains:

“In the near-term the market remains oversupplied and we expect global inventories to continue building until 3Q16, dampening any potential price recovery,

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