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Oil Projected to Exceed $60 in 2021 Published January 3rd, 2021 - 02:00 GMT
A factor to watch in 2021 will be the Opec+ oil production policy and whether the alliance will ease the cuts before demand can absorb the additional supply. (Shutterstock)
Brent Crude prices are set to average $50.67 a barrel in 2021, marginally down from the level at which they traded early on the last trading day of 2020, the monthly Reuters poll of analysts and economists showed.
However, Goldman Sachs’ analyst sounded more bullish, predicting Brent to average $65 a barrel next year. The investment bank cited mass vaccinations and the limited increase in production from Opec+ as factors driving the favorable trend.