Barclays has slashed its Brent oil price forecast by $8. The bank noted that persistent Russian oil supply and an expected surplus were causes for the change in the forecast. Barclays joins Goldman Sachs, which, earlier this month, revised its oil price forecast, as well. Resilient Russian oil supply and an expected surplus on the market prompted Barclays to slash its Brent oil price forecast to $103 per barrel for this year and next, down from $111 a barrel previously expected. The bank also cut its outlook on near-term WTI Crude prices by $8 a barrel, expecting the U.S. benchmark to average $99 per barrel in both 2022 and 2023. Early on Tuesday, WTI Crude prices were trading at below $90, at $89 per barrel, and Brent was at $94 a barrel after a slump on Monday following dismal economic data out of China, stoking fears of demand in […]