The foundations of the recent recovery in oil prices look a little shaky and some temporary pull-backs may be inevitable. For now we are therefore leaving our end-2016 forecasts (for both Brent and WTI) at $45 per barrel, not much higher than today’s levels of around $41. Nonetheless, we continue to expect prices to recover further over the medium term, as reflected in our end-2017 forecasts of $60.
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