World Bank boosts 2017 crude oil forecast to US$55 per barrel

NEW YORK (Oct 21): The World Bank raised its crude oil price forecast for 2017 to US$55 ($76.5) a barrel on Thursday from US$53 a barrel, as it expects an output agreement among the Organisation of the Petroleum Exporting Countries (Opec) to help trim excess supply.

Energy prices, which include oil, natural gas and coal, are expected to jump nearly 25% next year, a larger increase than previously forecast, the World Bank said in a quarterly commodity markets outlook report.

"We expect a solid rise in energy prices, led by oil, next year," said John Baffes, senior economist at the World Bank.

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