Bank forecast plays down likelihood of further collapse with average price of oil expected to stabilise below $40 a barrel
The World Bank has slashed its forecast for oil prices this year, saying the cost of a barrel of crude will stay near its current lows for the rest of 2016.
The Washington-based institution said a glut of oil that sent prices crashing by almost half last year and another 27% this month will continue to dominate the market for the next year.
Related: Austerity, Saudi-style: cheap oil nudges Riyadh toward economic reform