Oil prices roared back on Wednesday, rebounding and regaining some of the steep losses suffered in previous trading days. The bounce suggests there is some signs of life in the oil market, or at least a soft floor, despite hitting one-and-a-half-year lows. Most Wall Street investment banks see oil prices rebounding strongly in 2019, although just about all of them have revised down their oil price forecasts from just a few weeks ago. Bank of America Merrill Lynch, for instance, sees Brent averaging $70 per barrel in 2019. At the bearish end of the spectrum, the EIA sees Brent averaging $61 per barrel – still higher from today’s spot price. A Wall Street Journal survey of 13 investment banks finds an average predicted Brent price for 2019 at $69 per barrel. That is much higher than current levels, but down from a $77 average predicted price from just a […]