Oil Prices Are Unlikely To Break $40 This Year

Despite production cuts from OPEC+ and North America and slowly improving demand, oil prices are not expected to average much higher than current prices in 2020 because of renewed U.S.-China tensions, the monthly Reuters poll of dozens of oil analysts showed on Friday. According to 43 analysts surveyed by Reuters, the U.S. benchmark WTI Crude is set to average $32.78 a barrel in 2020, which is roughly where the contract was trading early on Friday. Brent Crude prices are expected to average $37.58 per barrel this year, the analysts in the Reuters…