IMF Lowers Oil Prices Forecast By $9.8 To $58.95 Per Barrel In 2019 - Report

Faizan Hashmi Published January 21, 2019 | 08:33 PM

The International Monetary Fund (IMF) has lowered its forecast for average oil prices in 2019 by $9.8 to $58.95 per barrel compared to its forecast presented in October, according to its latest update on World Economic Outlook (WEO) report

WASHINGTON (UrduPoint News / Sputnik - 21st January, 2019) The International Monetary Fund (IMF) has lowered its forecast for average oil prices in 2019 by $9.8 to $58.95 per barrel compared to its forecast presented in October, according to its latest update on World Economic Outlook (WEO) report.

"The average price of oil in US Dollars a barrel was $68.58 in 2018; the assumed price, based on futures markets (as of November 27, 2018), is $58.95 in 2019 and $58.74 in 2020," the report said.

In October 2018, the IMF slightly lowered its forecast for average oil prices in 2018 and 2019 to $69.38 and $68.76, respectively.