Rating agency lowers price assumptions on expectations that prolonged supply glut will be exacerbated by easing of Iran sanctions
Moody’s has cut its oil price forecast for next year by $10 a barrel due to continued high levels of supply that may be heightened by the lifting of sanctions against Iran.
The credit rating agency slashed its price assumption for Brent crude, the international benchmark, to $43 a barrel from $53. For West Texas intermediate crude, the North American benchmark, it cut the forecast to $40 a barrel from $48.