The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue. World Bank economists said weak demand would continue even as oil supply grows with the resumption of Iranian exports, continued U.S. production and a mild Northern Hemisphere winter. Oil prices should decline another 27 percent in 2016 after plummeting by 47 percent last year, according to the outlook. The World Bank uses an average of Brent, Dubai and West Texas Intermediate oil, equally weighted. “Low […]