World Bank Raises 2017 Crude-oil Price Forecast To $55 a Barrel

By Myra P. SaefongMarketsMarketWatch Pulse

The World Bank raised its 2017 forecast for crude-oil prices to $55 a barrel from a previous forecast of $53 a barrel, according to a quarterly report issued Thursday. It attributed the higher price forecast to the Organization of the Petroleum Exporting Countries's preparations to limit production. "We expect a solid rise in energy prices, led by oil, next year," said John Baffes, senior economist at the World Bank. Still, he noted that there is "considerable uncertainty around the [oil] outlook as we await the details and the implementation of the OPEC agreement." The World Bank left its oil-price forecast for this year unchanged at $43. The forecast is an average of Brent , West Texas Intermediate and Dubai crudes.

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