Credit Suisse Group AG : Credit Suisse Cuts Oil Outlook Amid Greater Economic Uncertainty
07/11/2012| 06:42am US/Eastern
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LONDON--Credit Suisse cut its oil-price outlook for Brent crude and WTI crude by 17% and 19%, respectively, as demand for oil has been weaker than expected with Europe derailing the global recovery, a note said Wednesday.
"While the outlook remains highly uncertain, we expect prices to remain around their current level over the second half of the year, before recovering modestly over 2013," Credit Suisse said.
Credit Suisse forecasts Brent crude to average $104.35 a barrel in 2012, down from its previous forecast of $125. Its forecast for WTI is now $90.58 a barrel, down from $112, the previous forecast.
In 2013, it forecasts Brent to average $102.50 a barrel and WTI to average $97.
Write to Jenny Gross at jenny.gross@dowjones.com; Twitter: @jgginlondon
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