World Bank slashes 2016 oil price forecast to $37

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said, amid growing supply and weak demand prospects from emerging markets.

In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue.

World Bank economists said weak demand would continue even as oil supply grows with the resumption of Iranian exports, continued US production and a mild Northern Hemisphere winter. Read Articles