Wall Street analysts express mixed reactions over the possibility for crude markets to climb even higher in the second half of 2021.
- OPEC and the U.S. Energy Information Administration expect an increase in demand that would increase oil price.
- Chief oil analyst at Morgan Stanley, Martijn Rats, suggests the crude oil markets were exploring prices that would neutralize the demand growth.
- Analysts note that combined factors have led to an increase in oil prices, including the rollout of COVID-19 vaccinations, easing of pandemic restrictions, and colossal production cuts from the oil-producing nations.
- Goldman Sachs expects the Brent prices to increase past $80 in the 3rd quarter of 2021 as demand continues to increase. JP Morgan forecasts crude oil prices to rise higher than $80 in the last three months of 2021.
Bank of America’s analysts are bullish, expecting Brent prices to reach $100 by 2022.
Brent Crude dips -0.42%, WTI Crude slips -0.76%