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Economists have bumped up their oil price forecasts for 2019, citing tighter supply conditions due to OPEC output curbs and US’ decision to end waivers on Iranian oil.  

A monthly Reuters survey of 31 economists and analysts forecast  Brent would average $68.57 per barrel in 2019   – up 2% from the $67.12 forecast in the previous poll in March.  

Meanwhile, WTI is seen averaging $60.23 per barrel this year, compared with $58.92 forecast in March.

Oil benchmarks have already rallied 40% this year and may rise even further if major producers fail to compensate for the drop in Iranian oil supplies.