Industrial Commodity Prices to Rise in 2017: World Bank

Press release: Oil prices to average $55 per barrel in 2017, rise next year

WASHINGTON, April 26, 2017— The World Bank is forecasting higher prices for World Bank buildingindustrial commodities, principally energy and metals, in 2017 and next year.

The World Bank in its April Commodity Markets Outlook is holding steady its crude oil price forecast for this year at $55 per barrel, increasing to an average of $60 per barrel in 2018. Rising oil prices, supported by production cutbacks by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, will allow markets to gradually rebalance. These oil price forecasts are subject to downside risks should the rebound in the U.S. shale oil industry be greater than expected.

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