IMF cuts 2017–2018 oil price forecast to $51.9, $52 per barrel

WASHINGTON, Jul 24 (PRIME) -- The International Monetary Fund (IMF) has lowered the oil price forecast for 2017 and 2018 by around U.S. $3 to $51.9 and $52 per barrel, respectively, the IMF said in an updated World Economic Outlook research on Monday.

The oil prices fell due to high levels of the U.S. oil reserves and increased supply.

In April, the IMF raised the oil price forecast by around $4 to $55.23 per barrel in 2017 and by $2 to $55.06 per barrel in 2018.

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