My last month's forecast of $55 to $65 a barrel was violated on both ends. The upper end was pierced during the US-Iran conflict. And, as we are currently experiencing, oil prices have fallen through the lower end because of the coronavirus, 2019-nCoV.
Offsetting the coronavirus is the Libyan situation where oil exports have fallen tremendously. But the coronavirus situation is affecting economic activity, especially in China, and therefore adversely affecting confidence in oil prices. OPEC+ may be moving its early March meeting to sometime in February to address the coronavirus concerns.
My forecast is