Barclays raises oil price outlook as falling output offsets demand hit
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(Reuters) - Barclays Commodities Research on Friday raised its oil price forecasts for this year and 2021, buoyed by supply cuts to balance the demand erosion caused by conrovirus-led restrictions.In recent days, several OPEC nations including Saudi Arabia said they will cut output more than originally pledged. Producers in the United States and Canada have cut production by 1.7 million bpd, much faster than expected.The bank upgraded its forecasts for Brent crude and U.S. West Texas..