Fitch Solutions revised its Brent forecast to $70 per barrel (/bbl) for 2019 and $76/bbl for 2020 due to the sharp decline in prices last month amid concerns over a global economic slowdown and the lack of an improvement in prices even as supplies tighten.

The outlook for the global economy is mixed at best with a ton of questions surrounding U.S. trade. In addition to the ongoing trade war with China, the Trump Administration this week announced plans to impose tariffs on Mexican goods.

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