World Bank Forecasts 2017 Average Oil Price Of $55; Gold Prices Set For 8% Fall This Year

The World Bank forecasts an average crude price of $55 a barrel for 2017, according to a quarterly report issued Tuesday. The figure is unchanged from the October forecast, but shows an increase of 29% from the 2016 oil price, which was an average of Brent , West Texas Intermediate and Dubai crudes. "The market is expected to tighten in 2017, particularly in the second half of the year," the report said. It sees prices rising to an average $60 a barrel in 2018, "assuming a balanced market and no additional OPEC supply restraint." Gold prices , meanwhile, are expected to decline 8% this year to an average $1,150 an ounce on weak investment demand, according to the World Bank report.