WASHINGTON (Sputnik) — The IMF predicted in its World Economic Outlook Update as of July 2017 that oil prices would recede on strong inventory levels and a pickup in supply by approximately $3 as compared to its April forecast — to $51.9 per barrel in 2017 and $52.0 per barrel in 2018.
"The assumed price based on futures markets (as of June 1, 2017) is $51.9 in 2017 and $52.0 in 2018," the report read.
According to the report, oil prices have decreased as they reflect "strong inventory levels in the United States and a pickup in supply."
In its World Economic Outlook as of April 2017, the IMF predicted that in 2017 oil price would average up to $55.23 per barrel and $55.06 a barrel in 2018.
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