Banks Raise Oil Forecasts as Iran Sanctions Approach

LONDON—Banks last month raised their forecasts for oil prices, amid expectations of a further reduction in crude supply from Iran after U.S. sanctions on the OPEC member’s oil industry take effect next week.

Brent crude—the global oil benchmark—is now expected to average nearly $75 a barrel this year, according to a poll of 11 investment banks surveyed by The Wall Street Journal. West Texas Intermediate, the U.S. standard, is projected to average just above $68 a barrel in 2018. The estimates mark increases of roughly $2 and $1, respectively, on the forecasts from September’s survey.

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