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The bank raised its 2020 Brent and U.S. West Texas Intermediate (WTI) price forecasts by $2 to $43 per barrel and $39, respectively.

Benchmark Brent crude prices have rebounded to around $44.50 a barrel, after plunging in April to $15.98, the lowest since 1999.

The bank lowered its 2020 price outlook for Brent and West Texas Intermediate by $12 each to $31 and $28 per barrel, respectively.

The prediction is more bearish than the 67.52 median forecast in a Bloomberg survey.