IMF: Oil prices to drop to $50/ bbl in 2017-2018

In its World Economic Outlook report published on Tuesday, the International Monetary Fund (IMF) revised lower its oil price forecasts for 2017-18.

Key Points:

Expects global oil prices at around $50 per barrel, down from its April projection of $55 per barrel

In 2016, the average oil price amounted to $42.84 per barrel. The IMF expects it to reach $50.28 in 2017, and $50.17 in 2018