"Oil prices forecast to average $65 a barrel" - World Bank

Reporting by : Charitha Fernando COLOMBO (News 1st) - The World Bank said oil prices are forecast to average $65 a barrel in 2018, up from an average of $53 a barrel in 2017, on strong demand from consumers and restraint by oil producers. Metals prices are expected to rise 9% this year, also on a pickup in demand and supply constraints. In its April commodity markets outlook the World Bank said prices for energy commodities – which include oil, natural gas, and coal are forecast to jump 20% in 2018, a 16% point upward revision from October’s outlook. World Bank Senior Director for Development Economics and Acting Chief Economist, Shantayanan Devarajan, said: "accelerating global growth and rising demand are important factors behind broad-based price increases for most commodities and the forecast of higher commodities prices ahead.”;::