Brent to average $53 per barrel in 2021 – Barclays

Omkar Godbole FXStreet Contributor

Barclays has retained its "above consensus" 2021 oil price forecasts, predicting brent at $53 per barrel and WTI at $50 per barrel based on expectations that potential rollout of coronavirus vaccines would lead to swift global economic recovery and boost demand in the second half.

The bank expects OPEC+ to postpone a planned January output increase at least by three months to support the market at a time when the resurgence of coronavirus worldwide is threatening to derail the global economic recovery.

"We expect the OPEC+ group to delay the ratcheting up of production targets by three months when the group meets later this month,” the bank said, according to Reuters.

Brent oil is curently trading at $46.45 per barrel and WTI is changing hands at $43.50 per barrel.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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