Banks raise oil price used for loans

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Banks hike oil price forecast for 5th consecutive month.

A Wall Street Journal survey of 15 investment banks found an average predicted oil price rising for the fifth month in a row. The banks see Brent averaging $62 per barrel this year and WTI averaging $58, both forecasts are up $1 per barrel from last month’s results. “Overall, we see markets balanced in 2018 as we expect a strong commitment from OPEC and participating non-OPEC countries to deliver on the agreed deal,” analysts at JPMorgan said.