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The ongoing vaccine roll out, reopening of economies and growing inflationary pressure has brightened the outlook for oil prices, in the view of economists at Danske Bank.

Oil recovery to continue in the second half of 2021

“Vaccines roll out, reopening of economies, strong support from monetary and fiscal policy and a relatively weak dollar all creates a sound back drop for global oil demand.”

“OPEC+ has started normalising its oil output, which will ease the upside potential for oil prices from the sound demand backdrop.”

“We have revised our oil price forecasts higher and now expect Brent to average $65/bbl in Q2 (from $55/bbl), $70bbl in Q3 and Q4 (from $60/bbl (and $72.5bbl in 2022 (from $65/bbl).”

 

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