As oil continues to pair Monday gains on soaring U.S. crude inventory, Barclays is calling a $51-per-barrel price on WTI by the third and fourth quarters of this year, and expects Brent to fall to $57 by the end of the year. The bank forecast that West Texas Intermediate prices will fall to $58 in the second quarter, before continuing their decline. Recently, the oil market has been supported by supply disruption concerns, emanating most prominently from the Middle East. However, while demand is being pushed up thanks to global economic growth, coupled with geopolitical risk that threatens to remove more supply from the market, that short-term deficit will head into surplus again by the second half of the year, according to Barclays. U.S. crude oil production has risen by nearly 25 percent in less than two years, hitting above 10 million barrels per day. For the week ending […]