Men stack oil barrels at a depot in Santo Domingo, Dominican Republic. REUTERS/Ricardo Rojas
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The world's biggest banks are reckoning on a rebound in oil prices next year as fears of a recession prove misplaced. The Brent benchmark will average $70 a barrel in 2019, almost a third higher than its price Thursday, according to a Bloomberg survey of oil analysts. Most commentators aren't seeing an actual recession biting the oil market next year. The median forecast of 24 oil analysts in a Bloomberg survey projects that London-traded Brent will average $70 a barrel in 2019 . OPEC, along with allies such as Russia, announced in early December they would reduce supply by 1.2 million barrels a day in the first half of 2019 .As prices in Midland, Texas fell below $40 a barrel this month for the first time since 2016, some have begun to cast doubts on how much U.S. supply will grow next year.
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