Global oil prices to recover in 2021, reaching $44 pb: World Bank

Global oil prices to recover in 2021, reaching $44 pb: World Bank

Global oil prices are expected to increase to reach $44 per barrel in 2021, up from an estimated $41 per barrel in 2020, according to the World Bank's (WB) estimations.

In its semi-annual commodity markets outlook report, which focused on impacts of the COVID-19 pandemic on such markets, shared with Ahram Online, the WB said that oil prices are expected to stabilise below pre-pandemic levels in 2021, while metal and agricultural commodities have witnessed some recovery and are projected to rebound slightly in 2021.

Demand is expected to increase slowly, as tourism and travel movement continue to recover with health concerns, in addition, global economic activity is expected to return to pre-pandemic levels in 2022, according to the report.

Energy prices, including natural gas and coal, are expected