Oil prices will stage a steady recovery this year as vaccines reach more people and speed an economic revival, with further impetus coming from stimulus and output discipline by top crude producers, Reuters reported last week following the results of its poll.
The survey of 55 participants forecasts Brent crude would average $59.07 per barrel this year.
This is up from last month’s forecast of an average of $54.47 a barrel. Brent has averaged around $58.80 so far this year.
Most analysts said the Organization of Petroleum Exporting Countries and allies (OPEC+) may ease current output curbs when they meet on March 4, but would still agree to maintain supply discipline.
Earlier This Month, Goldman Sachs Group Inc., an American multinational investment bank and financial services firm, predicted Brent could hit $75 a barrel by the third quarter of this year.
