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According to the latest Reuters poll of 43 analysts and economists, oil prices are likely to end the year little changed while poised for a modest rise in 2021, in light of the OPEC+ output cut deal and demand concerns amid the coronavirus pandemic.

Key findings

“Brent crude to average $42.75 a barrel in 2020, up from July’s $41.50 consensus and compared with an average price of $42.60 so far this year. Brent is expected to average $50.45 in 2021.

The 2020 US crude price outlook rose to $38.82 per barrel from July’s $37.51.

Global demand, meanwhile, was seen contracting more steeply this year, by between 8-10 million bpd versus July’s 7.2-8.5 million bpd consensus.”

Related reads

  • Brent Oil to hit $50 by year-end – OCBC
  • Iraq Oil Minister seeks exemption from OPEC+ output cut deal during Q1 2021
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