MOSCOW, Jul 26 (PRIME) -- The World Bank has increased its forecast for the average oil price in 2016 by U.S. $2 to $43 per barrel due to higher demand for crude and contraction of its supply in April–June, the bank said in a statement Tuesday.
“The World Bank is raising its 2016 forecast for crude oil prices to $43 per barrel from $41 per barrel due to supply outages and robust demand in the second quarter,” the bank said.
“Oil prices jumped 37% in the second quarter of 2016 due to disruptions to supply, particularly wildfires in Canada and sabotage of oil infrastructure in Nigeria,” the World Bank said.
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