- LONDON: BNP Paribas on Tuesday cut its crude oil price forecasts for 2011 and 2012, citing the emergence of double-dip recession fears and abundant flow of crude into the market through US Strategic Petroleum Reserve.
The French bank cut its 2011 WTI price forecast by $5 to $97 and 2012 price forecast on the same by $10 to $107.
BNP Paribas reduced Brent price forecast for this year by $2 to $114 per barrel. It also lowered its 2012 Brent price forecasts by $4 to $124 per barrel.
“The prospects of a return of Libyan oil are still fraught with uncertainty despite developments this past weekend, but a partial return of Libyan supply could help to narrow the spread along the curve,” BNP said.