Crude price seen moderating despite end of US waiver on Iran oil imports

World Bank feels commodity will shed 3% on weaker outlook for global growth in 2019 and a larger-than-expected increase in US shale output

Despite a spurt in the price of crude oil in recent days, following the US government ending all exemptions regarding its import from Iran, the World Bank feels this is unlikely to change much over the coming months.

In its just-issued Commodity Outlook April 2019  report, the Bank says: “Crude oil prices, which averaged $68/barrel in 2018, are expected to average $66 over 2019 and $65 in 2020, with balanced risks primarily related to policy outcomes.”

This is despite Brent crude having risen above $74 a barrel, in the wake of the US government ending its previous waiver on Iran