Oil unlikely to topple $70 - Reuters poll

Caught between the opposing forces of OPEC-led production cuts and surging U.S. output, oil prices will likely have a tough time moving above $70 levels, Reuters poll shows. 

Key points 

The survey of 34 economists and analysts forecast that Brent crude will average $62.37 a barrel in 2018, up from the $59.88 forecast in the previous monthly poll.

WTI crude is seen averaging $58.11 a barrel in 2018, up from the $55.78 predicted in the December poll.

Reuters report quotes analysts as saying that US production, which has risen more than 17 percent since mid-2016, could top 10 million bpd -- a level surpassed only by Saudi Arabia and Russia, could prevent prices from rising much higher than $70 per barrel on average.