Rising U.S. Exports Dampen ING's Oil Outlook

Investing.com - Crude oil staged a surprise rally in January, but could slump the rest of the year. That's the forecast of ING Groep (AS:INGA).ING says Brent North Sea crude could fall through the $60-a-barrel level to as low as $57 a barrel in the second half of 2018, if U.S. producers continue to increase exports to Asia, a key market for OPEC producers.Rising U.S. exports could prompt some OPEC members to abandon production cuts that have been in place since 2017 in order to protect their market share in the region.Brent broke $70 in late January then traded as low as $62 in mid- February, as supply concerns first began to emerge.ING's forecast is notably bearish compared to other firms, whose forecasts put Brent around the $70-a-barrel level.