Forecasting oil prices has proven to be a difficult exercise this year, with investment banks, ratings agencies and national and supranational organisations left baffled by how the market price has fluctuated throughout 2016. Barclays are one such investment bank who have been wide of the mark with oil price predictions, forecasting Brent Crude to bottom at $37 per barrel in January, $9 above the actual $28 price that was seen. Although they redeemed themselves with their projections for prices in March, with a nearly correct prediction of $39 per barrel, in May their forecasts were sometimes off target by $5 at $44 per barrel. The methodology that Barclays uses for its price estimations is largely based on economic conditions that counter balance the oil market. In their latest commodity report they forecast that oil will increase to $47 for the remainder of this quarter, this is due to clients […]