LONDON: Commerzbank has slashed its 2015 average Brent crude price forecast by $5 to $105 per barrel, citing lackluster demand, rising production and a lack of supply disruptions.

The bank said the international benchmark would average $99 a barrel in the fourth quarter of 2014, below its previous outlook of $107, and $103 in the first quarter of 2015.

However, the bank expected a rise in prices in the medium term on expectations OPEC will trim supply.

“OPEC is likely to reduce its supply in the coming year and thereby adjust to the lower demand for OPEC oil. Because financial investors in Brent have mostly pulled out, unforeseen supply outages could trigger marked price rises at any time.”

It saw WTI crude CLc1 averaging $101 a barrel next year.