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BMI Research Group said oil prices had “strengthened faster than anticipated” and has upgraded its 2020 forecast to a $80-$90 per barrel range.
BMI expects Brent to average around $73 per barrel this year, up from its previous forecast of $67.
It has also revised its 2019 forecast to $77 from $75.
BMI said the new forecasts were down to “continuing demand growth” and “underinvestment in new supply”.