Oil price outlook weakens due to trade concerns

News Snapshot:

A Ugandan worker descends stairs on the drilling rig at the Kingfisher oil field on the shores of Lake Albert in the Kikuube district of western Uganda Tuesday, Jan. 24, 2023. (AP Photo/Hajarah Nalwadda) Analysts have revised down their oil price forecasts for the third consecutive month as swelling OPEC+ supply and lingering uncertainty around the impact of trade disputes on fuel demand weigh on prices, a Reuters poll showed. A survey of 40 economists and analysts in May forecasts Brent crude will average US$66.98 per barrel in 2025, down from April’s $68.98 forecast, while U.S. crude is seen at...