Abu Dhabi’s Biggest Bank Says U.S. Oil Prices May Drop to $20
- NBAD Says low prices to stimulate crude oil demand growth
- Almost all regional oil exporters facing deficits this year
Oil Output Freeze 'Good Start' to New Phase: Khelil
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Oil prices may drop to near $20 a barrel this year as the global glut of crude persists into 2017, Abu Dhabi’s largest lender said.
U.S. benchmark West Texas Intermediate crude should trade in a range between $25 a barrel and $45 a barrel for the rest of the year, “although a very brief spike down towards $20 is possible,” the National Bank of Abu Dhabi PJSC wrote in its Global Investment Outlook 2016 report on Sunday. Prices at the lower end of the range will stimulate demand growth, it said.