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Oil Prices Hit $80 per Barrel as Demand Climbs in Advanced Economies

May 24, 2021 by Forex Winner Leave a Comment

Oil Prices Hit $80 per Barrel as Demand Climbs in Advanced Economies

Oil prices are likely to hit $80 per barrel in the last quarter of the year in line with the expected rebound in demand, Reuters reported.

  • Global investment firm Goldman Sachs believes demand will reach 4.6 million barrels per day by the end-2021, with most gains within the next quarter.
  • Demand will be driven by increased mobility in the United States and Europe as more individuals are vaccinated, and restrictions are eased.
  • Demand in developed countries will cancel out the slower consumption in Southeast Asia and Latin America.
  • The Organization of the Oil Producing Countries and its allies are expected to suspend an increase in production in the second half.
  • The suspension will offset the possible resumption in Iranian supply.
  • President Hassan Rouhani last week said the U.S. was ready to lift sanctions on Tehran, prompting a decline in prices.
  • Indirect negotiations between Washington and Tehran are scheduled to resume this week, but the potential nuclear deal still faces challenges.

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