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Oil Up and Trending

22 Jun,2021
Oil Up and Trending

Oil has been climbing higher in recent weeks supported by a significant rise in airfare demand and economic recovery outlook, jumping 2% in the previous session with Brent oil futures breaking the $75 mark. It seems like this summer season has the highest number of people to fly since pre-pandemic levels, with the ease of restrictions, the demand outlook for oil is looking well, just right.   

Bank of America forecasts saw that global crude could hit $100 a barrel in 2022 from rebound travel, topping recent expectations from Goldman Sachs that set their forecasts at 80 dollars a few weeks back, which had also surged oil prices 

In addition to all the fundamental and logistical key factors boosting oil prices, talks from Iran and the U.S. have been hit on pause for now, so the possibility of Iranian oil swamping back into oil markets tones down supporting oil prices even further. Besides OPEC+ Supply curb measures and occasional weekly lower crude stockpiles have definitely been lifting prices too.  

Although oil prices should remain fluctuating with ongoing covid-19 cases surging in different parts of the world, settling prices a notch. Along with BofA cautioning of any spare capacity from OPEC+ or reemergence of Iran barrels back into markets. In which case will demand and supply still be looking just right? 

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