Barclays lowered its price forecast for Brandt crude oil in 2019

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      Barclays on Thursday lowered its price forecast for Brandt crude oil in 2019, saying high U.S. production could offset short-term supply disruptions in Venezuela caused by U.S. sanctions.
Barclays lowered its price forecast for Brandt crude oil from $72 to $70 in 2019, from $71 to $65 in the first quarter and from $75 to $73 in the second quarter.
U.S. crude oil prices rose 1% on Thursday, boosted by U.S. threats to impose sanctions on Venezuela, but the rise was limited by an unexpected surge in U.S. record gasoline and crude oil inventories. But Brent crude oil futures fell slightly to around $61.00 a barrel.
"We believe that the downside risk of oil prices is increasing because demand-related issues and the impact of increased US supply outweigh the boost to oil prices from OPEC production cuts," the bank said in a study.
Last year's record output in the United States has become the world's largest oil producer, offsetting OPEC's lead in reducing production to boost oil prices.
Washington hinted that new sanctions might be imposed on Venezuela's crude oil exports, and Venezuela is now further plunged into political and economic turmoil.
"Venezuela's crude oil supply will obviously be disrupted, but the oil market may ignore its short-term real impact," Barclays said.


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