As U.S. crude prices hit a six-year low Thursday, a survey of 10 investment banks by The Wall Street Journal showed increasing pessimism about the outlook for oil. The average forecast of 10 banks surveyed this month was for oil prices to stay below $70 a barrel until late next year. They expect Brent crude, the international price benchmark, to average $58 a barrel this year, down from the forecast of $62 a barrel in May’s survey. For U.S. oil, the average forecast of the banks was $54.50 a barrel this year and $63.40 in 2016. Both grades of crude were trading at more than $100 a barrel a little over a year ago. “The heart of the matter is simple: There is too much oil,” said Michael Wittner, global head of oil research at Société Générale SA, SCGLY 0.00 % one of the banks surveyed. “We are now […]