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    European Commission Lowers Oil Price Forecast for 2015 to $53 per Barrel

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    The European Commission expects a slight rebound to happen in 2016, predicting that one barrel of oil would cost $61.5.

    MOSCOW, February 5 (Sputnik) — The European Commission lowered its oil price forecast for 2015 by 42 percent to $53 per barrel, a Commission press release said Thursday.

    “Following an average oil price of 99.7 USD/bbl in 2014, a decline to an average of 53.0 in 2015 and a rebound to 61.5 in 2016 is assumed. This implies a substantial downward revision by 42% (2015) and by 34% (2016) with respect to the autumn forecast,” the statement said.

    The Commission’s previous forecast was published in November 2014.

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