(Reuters) - BNP Paribas on Monday cut its Brent and West Texas Intermediate (WTI) forecasts from 2015 to 2017, citing recent price declines.
The bank cut its 2015, 2016 and 2017 Brent prices to average $54 in 2015, 2016 and $65 per barrel in 2017. It cut WTI price forecast to average $49, $50 and $61 per barrel in 2015, 2016 and 2017, respectively.
"We still think that a low 40s NYMEX WTI is a floor from
which the market can rally through the winter," BNP analysts said in a note to clients.
"The summer of 2016 presents down risk for oil prices as OPEC pursues its current policy, U.S. production stabilizes and Iran delivers more barrels to the market."
(Reporting By Nallur Sethuraman in Bengaluru)
