The renewed downturn in oil prices has forced major banks to slash their price forecasts for 2017 as a new bear market induces heightened pessimism. The Wall Street Journal surveyed 13 investment banks on their predictions for Brent prices, and the average result was $56 per barrel for 2017, which was about $1 per barrel lower than the survey the WSJ conducted in June. The investment banks also don’t see oil prices bouncing back to $50 per barrel until the end of this year, which is a dramatic change from last year’s expectation that oil would hit $70 in 2016. “There is still a lot of oil out there and the sentiment is pretty bearish,” Michael Wittner, chief oil analyst at Société Générale SA, told the WSJ. “For the time being, the path of least resistance for oil prices continues to be lower.” On Wednesday, the EIA provided another […]