1009 GMT The oil price is expected to pick up by nearly $10 a barrel in the fourth quarter and rise by another $10 a barrel through 2017, as weaker investment curbs supply growth, Nordea Markets analyst Thina Saltvedt says in a note. Expects Brent to trade at an average $56 a barrel in the fourth quarter, from an estimated $47 a barrel in the third quarter, and rise gradually to $66 a barrel in the fourth quarter of 2017. Says prices have been under pressure partly due to high petrol stocks and a weak global growth outlook, but that reduced investment in new supply creates conditions for significantly higher prices in the medium term. Adds that the price hike may be delayed by U.S. shale producers, as cost cuts increase their resilience to weak prices. Brent crude trades at $44 a barrel. (kjetilmalkenes.hovland[a]wsj.com)
Contact us in London. +44-20-7842-9464 markettalk[a]wsj.com Stock Market Quotes, Business News, Financial News from http://commodity-market-news.com
Copyright (c) 2016 Dow Jones & Company, Inc.