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Oil prices have risen in early 2021, and inventories have edged down, encouraged in particular by a recovery in demand in major emerging markets. Strategists at Deutsche Bank forecast WTI trading at $57 by end-March 2022.  

Key quotes

“Chinese oil demand has recovered sharply from the dip; Indian and Brazilian demand has also been increasing. Markets are anticipating continued demand growth (if at different rates for different sectors).”

“The assumption is that OPEC+ production discipline will hold, with the organisation able to manage controlled output increases as the global economy picks up pace.”

“End-March 2022 WTI forecast (12-month forward): $57/b.”