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The big bang expected for oil prices this year is turning into a whimper. Just weeks ago, Brent crude was on the cusp of finally fulfilling industry forecasts of a return to $100 a barrel as record fuel demand and Saudi Arabia’s supply cuts depleted global oil inventories. The eruption…
Meanwhile, more Venezuelan oil causes Barclays to downgrade its Brent estimates.
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Brent crude futures declined by $2 to $88.13 a barrel at 1238 GMT, while U.S. West Texas Intermediate crude futures slid by $2.26 to $83.13