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Analysts grow more bullish on oil, OPEC poses no threat to rebalancing

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A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016. REUTERS/Mohamed Abd El Ghany

(Reuters) - Analysts are growing increasingly confident that a near-two-year rout in oil has ended, and raised their price forecasts for a second month running, as healthier demand and a drop in U.S. shale output balance the market by 2017.

The inability of OPEC and non-OPEC producers to agree to limit oil output at a meeting earlier this month is not expected to slow the rebalancing of global demand and supply.

The survey of 29 analysts projected a slightly more bullish outlook, raising their average forecast for Brent crude futures in 2016 to $42.30 a barrel, compared to $40.90 in the March poll.

Last month's survey saw an upward revision in 2016 Brent forecasts for the first time in 10 months.

Brent...


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