Oil prices to hit the $95 mark on vulnerability to supply disruptions – ANZ

FXStreet Insights Team FXStreet

Crude oil prices rallied sharply as market fears of another COVID-induced hit to demand failed to materialise. Supply-side constraints then sustained the rally. Strategists at ANZ expect the market to remain in deficit in Q1 2022.

Supply-side issues tighten the crude oil market

“With supply constraints likely to be a feature of the oil market for a while, we see markets pricing in a sizeable risk premium. This should offset headwinds from an Iran nuclear deal and a more hawkish Fed.”

“We have raised our short-term price target to $95/bbl.”

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FXStreet Insights Team

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