Energy

US EIA hikes oil price forecasts again as Iran war drains global stockpile - Reuters

Source: Reuters

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DW NOTE

The EIA is raising oil price forecasts while crude trades 15-20% below its one-year high and the Strait of Hormuz has been closed for seven months. That's not a forecast catching up to reality — it's a forecast chasing a move that already happened and partially reversed.

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The Indian crude basket hit $123.29 per barrel last week, approaching levels recorded in March 2012, and adding 86% to the price Indian oil marketing companies pay, local media have reported, also noting the effect of a cheaper rupee. Since Indian companies pay for the oil they buy from abroad in U.

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US EIA hikes oil price forecasts again as Iran war drains global stockpile - Reuters

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