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

Oil prices could surprise on the upside

Anna Fedorova
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Oil and gold outlook for 2019
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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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