Banks raised their forecasts for oil prices for the seventh month in a row in April on the back of heightened geopolitical risks and OPEC-led production cuts. The price of Brent crude—the global benchmark—has risen by roughly 50% over the past year, bolstered by the Organization of the Petroleum Exporting Countries’ deal to cut production and tensions in the Middle East that could threaten supply. Brent is now expected to average over $64 a barrel this year, according to a poll of 14 investment banks surveyed by The Wall Street Journal. West Texas Intermediate, the U.S. standard, should average just above $60 a barrel, the poll showed. Both estimates are a more than $1 increase on the forecast from March’s survey. “OPEC has done a better job than expected” in its efforts to curb crude output, said Warren Patterson, commodity strategist at ING Bank. “The market is likely to […]