The World Bank has said it is lowering its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel.

This is according to the bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets.

The update was derived from the World Bank’s website.

It stated that the revised forecast reflected a further slowing in global economic performance, high current oil inventories and expectations that Iranian oil exports would rise after the lifting of international sanctions.

It said the Bank’s Energy Price Index tumbled 17 per cent in the third quarter of 2015 from the previous three-month period.

“This was led by a renewed plunge in oil prices prompted by expectations of slower global growth, particularly in China and other emerging markets, abundant supplies and prospects of higher Iranian exports next year.’’

Credit: ThisDay