Global Markets: Banks raise oil price forecast

A Wall Street Journal survey of 12 investment banks shows analysts see much higher oil prices this year than previously.

In May, the banks revised up their expectations for oil prices in 2018, with the 12 banks averaging $70 per barrel for Brent in 2018 and $66 for WTI. That average is up $6 per barrel from April.

However, the banks likely did not incorporate the recent meltdown in prices or the prospect of higher output from OPEC.