2019 Outlook: Will oil price stay strong or 'drift sideways' after rollercoaster year?

Oil prices could surprise on the upside

Anna Fedorova
Oil and gold outlook for 2019

Oil and gold outlook for 2019

Oil prices could surprise markets on the upside in 2019, according to commentators, with many predicting a reversal in the price of Brent Crude to around $70 per barrel.

Oil had a turbulent ride in 2018, jumping to $80 a barrel as OPEC and its allies failed to announce production increases, only to drop back into bear market territory in November. Brent Crude is currently trading at $59.3 a barrel (as of 9 January), around 14% lower than the same time last year. While some market experts, including those at Citi and SSGA, predict oil prices will "drift sideways" in 2019, others see the potential for a positive surprise. Jeremy Podger, manager of the Fidelity Global Special Situations fund, said: "The oil price could surprise markets by remaining st...

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