• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 59 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 6 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 3 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 days Are you aware of Oil Price short videos on our energy topics?
  • 3 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?

Breaking News:

California Gasoline Prices Are Spiking

WTI Crude Oil Price Hits 7-Year High

WTI Crude Oil Price Hits 7-Year High

The benchmark U.S. oil price…

Iraq: Oil Could Hit $100 Next Year

Iraq: Oil Could Hit $100 Next Year

Oil prices could hit $100…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Reuters Poll: Bankers See Steady Rise In Oil Prices

Brent crude will average $59.07 per barrel this year, according to a Reuters survey of analysts.

This is up from last month’s consensus on an average of $54.47 a barrel, reflecting growing optimism about the immediate future of the world’s most traded commodity.

“Travel and leisure activity look set to catch up to buoyant manufacturing activity due to the mix of stimulus, confidence, vaccines, and more targeted pandemic measures,” one of the survey respondents, Norbert Ruecker from Swiss Julius Baer, told Reuters.

The combination of accelerating vaccination drives, government stimulus, and continued supply discipline, notably among OPEC+ members and U.S. shale producers, has lifted oil prices recently, with a number of banks revising their oil price forecast upwards.

Bank of America, for instance, recently said it expected oil prices to grow at the fastest rate in three decades. The bank forecast Brent will average between $50 and $70 over the next five years.

Barclays expects the global benchmark to trade at an average of $67 a barrel this year, citing normalizing inventories in the United States and a weaker response of the U.S. shale patch to rising oil prices.

“Colder-than-normal weather, especially in the southern states, has accelerated the normalization in inventories by disrupting output more than demand,” Barclays said.

Goldman Sachs went even higher earlier this month, predicting Brent could hit $75 a barrel by the third quarter of this year thanks to faster than previously expected oil market rebalancing.

“Faster re-balancing during what was expected to be the dark days of winter will be followed by a widening deficit this spring as the ramp-up in OPEC+ production lags our above-consensus demand recovery forecast,” Goldman analysts said.

Talk has even started about the possibility of oil returning into three-digit territory after the Texas Freeze, again thanks to a rebalancing market and government stimulus aimed at restarting pandemic-hit economies.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on February 26 2021 said:
    The bankers may be a little bit pessimistic. I am going to go a step further and project an average Brent crude price of $65 a barrel in 2021 with global oil demand returning to pre-pandemic level of 101 million barrels a day (mbd) by the middle of this year.

    We are currently in a bull market with all the bullish factors that matter working in synchrony and pushing oil prices higher. That is why I have been projecting that Brent crude is going to hit $70-$80 in the third quarter of 2021 with a $100 oil in sight by the second half of 2022 or the first quarter of 2023.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Humpy Harry on February 27 2021 said:
    $100 looking more and more likely by the day. The demand being very strong for at least the next 10 years and beyond. Great time for the industry, jobs and wealth for anyone willing to get their hands dirty. Time to dust off your redwings and V guards. Time to earn yourselves some serious money again.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News