Oil forecast to average just over $40 a barrel in 2016

Oil prices will average just over $40 a barrel this year due to subdued demand and the likelihood a tentative agreement by leading producers to freeze output will do little to drain a supply glut, a Reuters poll showed on Monday.

The price, which has fallen by 45 percent in the last 12 months, is unlikely to recover much beyond its current levels around $34 a barrel until the second half of the year, when output from producers outside OPEC is expected to decline.

http://www.arabianbusiness.com/oil-forecast-average-just-over-40-barrel-in-2016-623319.html