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World Bank Raises 2016 Oil Price Forecast on Supply Outages, Robust Demand

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NEW YORK, July 26 (Reuters) - The World Bank raised its crude oil forecast for 2016 to $43 a barrel on Tuesday, from $41 a barrel, citing supply outages and robust demand in the second quarter.


Disruptions in oil supply during the second quarter, including from militant attacks in Nigeria and wildfires in Canada, helped oil prices rebound from 12-year lows hit early in the year.


However, since peaking at about $51 a barrel early in June, a growing overhang in refined products has damped the demand outlook and resurgent supply from many of the outages has slowed the rebalancing of the crude oil market.


http://www.downstreamtoday.com/news/article.aspx?a_id=52912


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