Oil hits USD 50, but Credit Suisse is slashing its forecast

Saudi Arabia has given the oil price a boost over the past few days, yet Credit Suisse is not positive about the future and is slashing USD 5 from its 2020 forecast.

Photo: /ritzaui/AP/Hasan Jamal

The oil price jumped after Saudi Arabia's energy minster, Khalid Al Falih, pledged Monday to cap the export of oil from next month, so that the country will export a maximum of 6.6 million barrels per day.

The US WTI-oil traded Wednesday morning at USD 48.377 against USD 45.75 Monday morning, while European Brent oil traded at USD 50.59 against USD 48.05 Monday morning.

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