Barclays Slashes Brent Oil Price Forecast To $92

Brent Crude prices are expected to average $92 per barrel this year, Barclays said on Wednesday, slashing an earlier forecast by $6 a barrel due to a more resilient Russian oil supply than previously thought. The UK bank also cut its average 2023 WTI Crude forecast by $7 per barrel, to $87. Barclays sees prices next year averaging slightly higher, at $97 a barrel Brent and $92 per barrel WTI. Currently, the oil market is in a surplus of around 800,000 barrels per day (bpd), the bank has estimated, and expects the surplus to turn into a 500,000…