A poll conducted by Reuters yesterday revealed that oil prices will hover in a range between 40 and 45 dollars a barrel for the rest of the year, while analysts expect a bumpy road to recovery in 2021 as the acceleration of the Corona virus outbreak fuels fears about demand again, and a survey that included 41 economists and analysts expected Brent crude oil prices reach an average of $ 42.32 per barrel in 2020, slightly down from the forecast of $ 42.48 in the previous poll and $ 42.45 on average since the beginning of this year, and expectations for 2021 have been reduced to $ 49.76 per barrel from the average last month. At $ 50.41, analysts say the resumption of Libyan supplies may put further pressure on prices, as markets prepare for the US presidential elections on November 3, and Raiffeisen analyst David Olsant said, “The two main factors remaining in 2020 that may break the current range are the US elections and surprising good news. Regarding the vaccine, “he added.Biden’s victory may raise concerns on the supply side of shale oil, but a more lenient policy towards Iran may raise concerns about excess supplies.
“In the United States, production has increased again recently, and with the stabilization of the situation in Libya, an important oil exporter may regain its former strength,” said Carsten Fritsch, an analyst at Commerzbank. And its allies to increase production by two million barrels per day from January 2021 after record production cuts earlier this year, but the International Energy Agency says that a second wave of “Covid-19” will slow demand and hamper the efforts of producers to balance the market, said Giovanni Stonovo, an analyst at Yu. BS that while demand continues to recover, it will be uneven and at a slower pace in the coming months, until an effective vaccine becomes widely available.
