Reuters poll: Crude oil seen averaging $54.78 per barrel in 2018

A Reuters poll on oil analysts 6 Dec 2017

• Crude oil 2017 seen averaging $50.65 per barrel
• Brent oil in 2017 seen averaging $54.19 per barrel
• Brent oil in 2018 seen averaging $58.84 per barrel

The forecast for both crude and brent oil for 2018 was raised by $2 and $3 respectively from the previous poll.

This come after OPEC decided to extend productions cuts throughout 2018. The Reuters report cites analysts in saying that political tensions in Saudi Arabia, production disruptions in Libya and Nigeria, and economic depression in Venezuela will also help support oil prices.

But some analysts expressed doubts on the compliance from non-OPEC countries, especially Russia.