Brent likely to average $50 per barrel in 2021, BofA says – The National

SourceThe National
SectorOil & Gas
CountryMiddle east

Brent crude could average $50 per barrel in 2021 on the back of a faster-than-expected demand recovery in sectors such as transportation as well as strong supply cuts from Opec, according to the Bank of America. The lender revised its estimate for the world’s most widely-traded crude benchmark upwards by $7. Brent is expected to average $43.70 per barrel this year, an increase on its earlier estimate of $37 per barrel as many countries lift movement restrictions that were put in place to limit the spread of the coronavirus pandemic. "Global oil market fundamentals have shifted significantly since we last adjusted our oil price forecasts on March 8, the bank said in a note on Sunday. "As we head into next year, mobility demand could recover at a faster rate than we initially...read more...

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