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The International Monetary Fund (IMF) forecasts oil prices at $68.78 per barrel in 2019 and $60 per barrel in 2023, according to the World Economic Outlook report released on Tuesday.

Key points

Oil prices are expected to average $69.38 a barrel in 2018 (higher than the April 2018 WEO projection of $62.30 and the 2017 price of $52.80 a barrel).

Global oil supply is expected to gradually increase over the forecast horizon, lowering oil prices to $68.76 a barrel in 2019, and further to about $60 a barrel in 2023.