Brent crude prices, the benchmark for half the world’s oil, will weaken for a second year in 2014 as U.S. output expands and threats to Middle East and North African supply ease, the most-accurate forecasters said.
The revival in Iraqi oil output has stalled. Again.
West Texas Intermediate and Brent trimmed earlier gains amid speculation that oil production in Iraq, OPEC’s second-largest producer, would remain unaffected by escalating violence.
Brent crude climbed, extending its premium over West Texas Intermediate to the highest this month, as the crisis in Iraq showed no signs of abating.
Societe Generale SA raised its forecast for 2012 Brent crude prices by 15 percent to $127 a barrel as spare production capacity in the Organization of Petroleum Exporting Countries shrinks.
"The crude market is oversupplied."
- Mike Wittner on Aug 14, 2014
SocGen's Wittner Says Oil Supplies Now Are 'Tight'