Commodity trading giant Trafigura sees oil at $60

Omkar Godbole FXStreet Contributor

Mass coronavirus vaccinations could boost oil demand next year, pushing prices to $55-$60 per barrel, Trafigura's Chief Economist Saad Rahim told Argus Media, according to oilprice.com.

Key quotes

You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The United States is lagging in some parts, but I think we can see some stronger momentum. India had taken a major hit, but the momentum there is also looking strong.

The Libyan volumes have come on very quickly, so they are not really going to add many more barrels there. And the market has absorbed those volumes, meaning that demand is already looking much healthier.

WTI crude is currently trading at $48.38 per barrel and Brent's barrel is changing hands at $51.50.

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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