JEDDAH/DUBAI — Oil price is likely to average $60-$65/barrel in 2019, and is unlikely to exceed $80/barrel, Indosuez Wealth Management, the global wealth management arm of Crédit Agricole group, said last Dec. 13 at its 2018 Middle East Conference held in Dubai under the theme “Regional Transformation and its Challenges for Wealth Management and Millennials.”

Dr. Marie Owens Thomsen, Global Head of Investment Intelligence, Indosuez Wealth Management, said “the average WTI price in 2018 to date is $66/barrel. In 2019 we expect an average price between$ 60-65/barrel, barring geopolitical surprises that can of course cause overshooting in either direction.”

Leading the first session of the conference dedicated to the state and outlook of the global economy, Thomsen, commenting on current oil-prices, further said “high oil prices have a dampening effect on growth globally and this notably for oil importing countries. Our forecast was that the WTI oil price was unlikely, and remains unlikely, to exceed $80/barrel this year and next. Indeed, the high year-to-date was the $76.4/barrel reached on October 3. The price on December 7 is $51.2/barrel. That move is generally speaking positive for the global business cycle.”