A Wall Street Journal survey of 15 investment banks finds cautious optimism among oil watchers. The monthly survey is a good barometer for market sentiment, as shifts in price forecasts can signal a change in expectations. The latest survey finds that analysts predict that Brent will average $56 per barrel in 2017, up $1 per barrel from the previous month’s forecast. The banks also raised their forecast for WTI by $1 to $55 per barrel. As the WSJ notes, this was the first increase in the average estimate in five months. Despite the optimism, many investment banks warn about the downside risks, and although there are more than just a few, they can be boiled down to two main trends: OPEC compliance and the strength and speed of the rebound in U.S. shale production. “We have our doubts about how long OPEC compliance can last,” Barclays said in a […]