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World Bank forecasts oil price at $37/tank in 2016

The World Bank (WB) forecasts crude oil prices in 2016 will be at $37/tank, lower 27.5 % than the estimate given was $51/tank in last October.

On 26 January, the World Bank (WB) has warned the stagnation of the emerging economies is hampering recovery in oil prices. The outlook was given in the quarterly report on the World Bank's commodity markets.

Accordingly, this bank forecast crude oil prices in 2016 will be at $37/tank, lower 27.5 % than the estimate given in last October was $51/ tank. According to the WB, the status of the slowdown of new economy stronger than estimate, especially when combined with financial difficulties, can make commodity prices fell stronger.

The World Bank explains the cause of cutting down oil price forecast down to only $37/tank in 2016, reflects a number of factors of supply and demand in the energy market over the past three months, with the return " sooner than expected " by Iran on the energy market and the positive movements in the oil-producing operations in the US. World Bank forecasts the oil price will rise to $48/tank in 2017.

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