Barclays raises oil price view, sees slow grind higher in coming months

barclays raises oil price view sees slow grind higher in coming months

Sumary of Barclays raises oil price view, sees slow grind higher in coming months:

  • Article content The oil market’s supply and demand dynamics point to a slow grind higher in prices over the next few months, Barclays said on Thursday, as it raised its 2021 oil price forecasts by $3-5 per barrel.
  • Expectations that oil inventories will be tight as economies recover drove oil prices higher on Thursday, with benchmark Brent prices rising to around $72.86 a barrel.
  • “Oil prices could rise to $100 per barrel over the coming months if OPEC+ is too slow in bringing back supplies, given the relatively inelastic non-OPEC+ supply response,” Barclays said in a note.
  • The British bank sees Brent crude prices averaging $69 per barrel this year, up from $66 previously, and $68 in 2022 on expectation of a larger surplus.
  • U.S. West Texas Intermediate (WTI) crude prices are forecast to average $67 a barrel this year, up from $62 previously, and to average $65 next year.

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