Barclays Capital in London expects oil prices to average $106/bb! for West Texas Intermediate and $112/bbl for North Sea Brent this year, up from a December forecast of $91/bbl each, and climb to $185/bbl and $184/bbl, respectively, in 2020."We expect a sharp compression in the WTI-Brent spread as the year progresses, with the spread remaining prone to dislocation but normally tending towards a small WTI premium," said Paul Horsnell, Barclays Capital managing director and head of commodities research.
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