After meltdown: DNB projects higher oil price in 2016

Following what shipping bank DNB describes as a meltdown in the oil market, the bank in a new report projects that the demand for gasoline along with several unknown factors will lead to rising oil prices during 2016.

Photo: /ritzau/Jacob Ehrbahn

In the wake of what the Norwegian shipping and offshore bank DNB characterizes as a meltdown in the oil market in 2015, there are better days ahead in 2016 - in fact, the prospects look so good that the USD 38 per barrel oil price in the first quarter will climb to USD 50 in the second quarter before hitting USD 65 in the fourth quarter this year, according to the bank's latest oil report, which does not hide DNB's positive outlook on the oil price development.

"These oil price forecasts are all above the consensus. We want to signal that we are more positive to oil prices than most others. This is what we want our customers to remember in a year’s time when we are summarizing what happened in 2016," notes the bank in the report.

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