Are Oil Prices Heading To $64 or $200? Depends On Who You Ask

Posted by Tsvetana Paraskova, oilprice.com

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Brent Crude prices are set to retreat to $64 a barrel by the end of 2021, one of Japan’s leading banks says, while the energy minister of a Gulf oil producer warned that the International Energy Agency’s suggestion of no new investments in oil could push oil prices to $200 a barrel.

In a weekly research report on the oil market, Mitsubishi UFJ Financial Group (MUFG) said that it expects higher OPEC+ oil production, recovering U.S. shale output, and the potential return of Iranian oil to push Brent Crude prices from $75 a barrel in the second quarter of 2021 to $73 at the end of the third quarter and to $64 per barrel at the end of the fourth quarter.

For 2022, the bank expects Brent Crude to average $58 per barrel, as per the report carried by TradeArabia…read more.

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