Oil prices to see little upside as virus threat looms large: Reuters poll

September 30, 2020

London (Sept 30)  Oil prices will stay near current levels this year as rising novel coronavirus cases threaten to slow the pace of demand recovery and counter output curbs by top producers, a Reuters poll showed on Wednesday.

The survey of 40 analysts and economists forecast benchmark Brent crude LCOc1 averaging $42.48 a barrel in 2020. That compares with an average of $42.54 this year and last month's forecast of $42.75.

Brent is projected to average $50.41 in 2021.

The 2020 U.S. crude CLc1 price outlook was at $38.70 per barrel versus $38.82 predicted in August. It has averaged $38.20 this year.

“As long as there is no working vaccine available, the main risk for oil prices is lower-than-expected demand,” Hans van Cleef, senior energy economist at ABN Amro said.

Reuters

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