$100 oil? Analysts predict the outlook for crude prices after a strong rally in the first half of 2021

oil prices analysts crude outlook
Gulf
  • Date: 02-Jul-2021
  • Source: CNBC
  • Sector: Oil & Gas
  • Country: Gulf
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$100 oil? Analysts predict the outlook for crude prices after a strong rally in the first half of 2021

LONDON — Oil prices surged more than 45% in the first six months of 2021, rallying toward $80 a barrel for the first time in more than two and a half years. Analysts on Wall Street believe there is potential for crude markets , although not everyone is convinced that's the case. International benchmark crude futures traded at $75.76 a barrel on Friday, down around 0.11%. The oil contract recorded gains of more than 45% through to the end of June, having stood at $51.80 on Jan. 1. futures traded at $74.28 during early deals in London, almost 0.1% lower. WTI posted gains of more than 51.4% during the first six months of the year. Brent futures rose more than 8% in June while WTI climbed over 10%, reaching their highest levels since Oct. 2018. Analysts attribute the oil price rally to a combination of factors, including the rollout of Covid-19 vaccines, a gradual easing of lockdown measures and massive production cuts from OPEC and non-OPEC members — an energy alliance known as OPEC+. What next for oil prices? Looking ahead, sees Brent prices averaging above $80 in the third quarter, with potential spikes "well above" that level as demand

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