Investment bank ING slashes its oil price forecasts by 20%, as Russia pumps much more crude than expected

India has ramped up its purchases of Russian oil.
Investment bank ING slashed its oil price forecasts on Friday, saying Russian production is stronger than expected.
It now expects Brent crude to average $97 a barrel before year’s end, a 22% drop on its earlier forecast for $125.
The global demand for oil has undershot estimates, ING said, as US drivers and Chinese industries are using less fuel.

Dutch investment bank ING has slashed its oil price forecasts by more than 20%, saying Russian production has held up much better than expected and global demand has been underwhelming.

ING now expects the price of Brent crude, the international benchmark, to average $97 a barrel in the final three months of the year. That’s a 22% cut from the bank’s previous forecast of $125.

It forecast Friday that WTI crude, the US benchmark, will trade at $94 in the fourth quarter, compared with its previous call of $122.

“Russian crude oil output has held up better than expected, which has meant that the…

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This article was written by [email protected] (Harry Robertson) and originally published on markets.businessinsider.com