For the fifth month in a row in February, financial institutions including Morgan Stanley and Citigroup raised their forecasts for crude’s fortunes.
Brent crude—the global benchmark—is now expected to average $62 a barrel this year, while West Texas Intermediate, the U.S. standard, should average $58 a barrel, according to a poll of 15 investment banks surveyed by The Wall Street Journal toward the end of this month. Both predictions are up roughly $1 from the January survey.
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