Oil prices dropped nearly 1% on Tuesday, with investors shrugging off the recent attack on two major oilfields in the southwest of Libya which led to a cut in the country’s oil production. The oil market is expected to remain well supplied in 2020, due to increased production from non-OPEC countries. US crude oil fell nearly 0.7% to $58.29 a barrel while Brent dropped 0.9% to $64.51 a barrel around midday NY time. Historically, Crude oil reached an all time high of 147.27 in July of 2008.
Crude oil is expected to trade at 64.91 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 69.88 in 12 months time.