January 2, 2018 / 9:59 AM / 3 months ago

Moody's sees oil prices at $40-$60 per barrel this year

(Reuters) - Moody’s Investors Service said on Tuesday it expects oil prices in the range of $40 to $60 per barrel in 2018, with abundant supplies of U.S. natural gas constraining prices, even while demand goes up.

FILE PHOTO: A pump jack operates at a well site leased by Devon Energy Production Company near Guthrie, Oklahoma, U.S., September 15, 2015. REUTERS/Nick Oxford/File Photo

"Prices will likely remain range-bound, and possibly volatile, on a combination of increasing U.S. shale production, reduced but still significant global supplies, and potential non-compliance with agreed production cuts - especially if demand growth is more tepid," Moody's said. bit.ly/2lANvg3

Oil price rise in late 2017 was supported by assumptions of OPEC extending its agreement to cut production and “political unrest” in the middle east, Moody’s said.

Reporting by Kanishka Singh in Bengaluru; Editing by Gopakumar Warrier

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