(Reuters) - Barclays, Macquarie, Bank of America Merrill Lynch and Societe Generale cut their 2016 oil price forecasts on Monday.
Barclays slashed its Brent and WTI forecasts for 2016 and said it expected both to average $37 per barrel. The bank previously forecasted $60 and $56 for Brent and WTI, respectively.
Macquarie cut its average 2016 Brent price forecast by 24 percent to $44.5 per barrel.
BofA cut its average 2016 forecast for Brent to $46 per barrel from its prior view of $50 and West Texas Intermediate (WTI) to $45 from $48 per barrel.
SocGen revised its 2016 Brent forecasts by $11.25 to $42.50 and trimmed its West Texas Intermediate (WTI) outlook by $9.25 to $40.50 per barrel.
A brutal new year selloff in oil markets quickened on Monday, with prices falling 6 percent to 12-year lows as further ructions in the Chinese stock market threatened to knock crude as low as $20 a barrel. [O\R]
For a factbox on 2015 price forecast changes click
The following is a list of brokerages’ latest forecasts for Brent and WTI.
Prices are per barrel and outlooks are listed by the date of the revision:
Brokerage Brent WTI Date Revised
2016 2017 2016 2017
Barclays $37 $37 Jan. 11
Macquarie $44.5 $61.25 NA
BofA $46 $61 $45 $59 Jan. 11
SocGen $42.50 $40.50 Jan. 11
ABN Amro $50 $60 $50 $60 Jan. 8
Bernstein $50 $48 Jan. 4
Reporting by Kevin Jose in Bengaluru; Editing by Peter Cooney
Our Standards: The Thomson Reuters Trust Principles.