BAKU, Azerbaijan, Sept.6
By Leman Zeynalova – Trend:
The prices for Brent and West Texas Intermediate (WTI) oil will see a downward trend up until the end of 2022, Trend reports with reference to the UK-based Capital Economics research and consulting company.
The company forecast Brent prices to stand at $73 per barrel in Q3 2021, before falling to $70 per barrel in the last quarter of the year. The next year will start with $68 per barrel in Q1 2022, then gradually dropping to $68 per barrel in Q2, $65 per barrel in Q3 and $60 per barrel in Q4.
As for WTI, the prices will rise from the current $70 per barrel to $73 per barrel in Q3 2021 and $68 per barrel in Q4 2021. WTI prices will continue downward trend in 2022 with $66 per barrel in Q1, $63 per barrel in Q2, $61 per barrel in Q3 and $58 per barrel in Q4.
Head of Oil Markets at Norway-based Rystad Energy Bjornar Tonhaugen notes that in a way, when the Saudis are cutting selling prices to their biggest buyer pool – this is a clue of some skepticism towards oil demand being on a solid path for a come back towards the 100 million bpd.
“But more clues may be laying ahead, especially if the Covid variants come back with a vengeance. The market will be looking for clues from the demand side as the Covid-19 variants are still spreading and are causing concerns over the trajectory of the oil demand recovery.”
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