WASHINGTON (Sputnik) — An annual forecast for industrial commodities is predicting an average price of $55 for a barrel of oil in 2017, increasing to $60 the following year, the World Bank said in a report on Wednesday.
"Rising oil prices, supported by production cutbacks by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states, will allow [oil] markets to gradually rebalance," a press release explaining the report stated.
In addition, prices for non-energy commodities, such as fertilizers, metals and minerals are expected to increase for the first time in five years, the report explained.
Metals prices are projected to jump 16 percent this year due to strong demand, especially from China, and supply constraints, including mine disruptions in Chile, Indonesia and Peru, according to the report.
