Not much growth in oil prices before 2018 – Fitch

Ahead of the much anticipated OPEC meeting in Vienna, the US-based ratings agency, Fitch, has come-up with an analysis with a less optimistic over the possibilities of an output-deal. 

Key quotes: 

•    Prices may see little growth before 2018
•    Expects supply and demand to be broadly balanced in H1 2017, and more of a pronounced deficit from H2 2017
•    Sees significant uncertainty about the future path of prices
•    Keeps 2017 forecasts for Brent and WTI prices Unchanged at an average of $45.00
•    2018 unchanged at $55
•    Forecasts 2019 at $60
•    Forecasts do not take into account any action from OPEC meeting

At the time of reporting oil was trading weaker, with WTI crude oil loosing over 2.0% and is currently hovering around $46.00/barrel mark.