Expectations that the oil market will swing into deficit in July prompted HSBC to revise up its oil price forecasts for this year, with the U.S. benchmark WTI Crude projected to average $34.60 a barrel. The previous forecast by HSBC Global Research was $32.80 per barrel. The bank also increased its forecast for the average Brent Crude price in 2020 to $39 a barrel from $37 previously expected, due to the record production cuts that are set to flip the market into deficit next month. “We see the market almost back in balance in June, and moving into deficit in July,” HSBC said on Monday, as carried by Reuters. The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts, Rystad Energy analysts said on Friday. The market deficit coming this summer, however, doesn’t mean that there will be a global oil […]