West Texas Intermediate (WTI) prices likely will average $40/ bl in December and rebound to $50/bl in December 2017, according to a survey by the National Association for Business Economics. The December 2016 outlook is $14/bl lower than the group's survey three months earlier. In December 2015, the WTI price average was $37/bl. The lower outlook for WTI reflects expectations of a slowly recalibrating oil market, said National Retail Federation chief economist Jack Kleinhenz, who presented the survey on 28 March. The lower outlook for oil and other energy prices drove down the group’s projection of the US consumer price index change to 1.4pc for 2016, down from the previous projection of 1.8pc.
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