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According to ETEnergyWorld, rating agency Moody’s foresees uneven demand recovery to keep Brent oil near $45 per barrel next year – that is the lower end of its medium-term price forecast of $45 to $65.

“Modest improvement in 2021 oil prices will not lead producers to boost capital investment, while fuel demand will rise but not to pre-downturn levels,” the rating agency said in a report. 

Fitch ratings also expect Brent to trade around $45 next year. At the time of writing, Brent is trading near $50.25 per barrel, representing a 23% decline on a year-to-date basis.