Barclays has become the latest bank to revise its oil price outlook for this year. The UK bank cut its forecast for Brent crude to $43 a barrel from $59, and for West Texas Intermediate to $40 from $54 previously, Reuters reported . “Oil markets face a moment of truth as disagreement between key OPEC+ members means unhinged supplies will likely overwhelm near-term market balances amid large-scale demand destruction due to virus containment measures,” the bank said in a note. Last week, Morgan Stanley also cut its outlook for Brent crude but not as much as Barclays because Saudi Arabia had not yet announced its price cuts and production growth plans. Morgan Stanley said it expected Brent crude to average $55 a barrel in the second quarter, down from $57.50 earlier, and WTI to trade at around $50 a barrel, down from $52.50. Standard Chartered also cut its forecast […]