Barclays Bank Keeps Its Forecast For Oil Price in 2021

Barclays Bank maintained its oil price forecast for 2021 and expected Brent crude to reach $ 53 a barrel due to OPEC and its allies controlling production and based on the promotion of a potential Covid-19 vaccine demand in the second half of the year.

In the short term, the bank wrote in a note that producing highly effective vaccines would be a turning point for demand as it could lead to a more sustainable economic recovery.

He expected Brent crude to average $ 53 and US West Texas Intermediate crude at $ 50 a barrel next year.

OPEC+ was to increase production by two million barrels per day, as part of the gradual easing of record production cuts agreed upon this year.