A V-shaped recovery in oil prices is unlikely and Brent will average $52 per barrel in 2015 and $58 per barrel in 2016, a report said.
In the past 15 years, the global economy was defined by rising commodity prices, zero interest
Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from Opec and the United States.
Intensive efforts to clinch a deal between world powers and
Brent crude futures fell towards $55 a barrel on Thursday after a bigger than expected crude stock build in the US, though losses were limited by a weaker dollar as the Federal Reserve signalled a slower pace of interest rate hikes.
Brent crude fell towards $53 a barrel on Wednesday as US crude stocks were forecast to have surged for the 10th straight week to a new record high, fuelling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices
Brent crude rose above $54 a barrel on Tuesday, recovering some of the previous session's losses when it dropped to a six-week low, although concerns over a worsening global supply glut kept a lid on gains.
US crude, or West T
Global oil prices tumbled on Friday and fell 9 per cent on the week, hit by a renewed rally in the dollar and a warning by the International Energy Agency (IEA) that the oil glut is growing.
Data that showed a sharp drop in the nu
Brent oil futures rose above $58 a barrel on Thursday as the dollar weakened and Iraqi security forces battled Islamic State fighters in Tikrit.
The dollar was down 0.66 per cent against a basket of currencies, making dollar-trade
Brent crude climbed towards $58 a barrel on Thursday for the second straight session as speculators covered their positions ahead of the April contract's expiry, while a strengthening dollar and a build in US crude stocks capped prices.
Brent crude oil slipped to a one-month low below $56 a barrel on Wednesday before steadying as a rally in the US dollar and global oversupply weighed.
The dollar hit a fresh 12-year high against the euro, gaining more than 1 per c
Brent crude futures dipped below $58 a barrel on Tuesday as the dollar hit multi-year highs and the oil market remained hobbled by oversupply and weak demand.
The US dollar hit a near 12-year peak against the euro and an eight-yea