homemarket NewsCrude oil prices to range between $75 80/bbl by end of 2021, says Energy Aspect analyst
Crude oil prices to range between $75-80/bbl by end of 2021, says Energy Aspect analyst
According to Virendra Chauhan, Oil Analyst at Energy Aspect, the fundamentals for the oil market remain very constructive and that things are looking very strong and he doesn't expect it to change significantly over the coming month, considering the concerns surrounding the Omicron coronavirus variant. Chauhan estimates crude oil prices will likely trade in the range of $75-80/bbl by end of 2021.
Crude oil prices rebounded Monday on speculations that the oil cartel the Organization of the Petroleum Exporting Countries (OPEC) may pause an output increase in response to the spread of a new coronavirus strain, Omicron. The mood still remained cautious though since very little is known about the transmissibility of the strain and what damage it can cause to the global economic recovery.
The oil prices had plunged to an 11-week low on Friday, plunging as low as 13 percent after the World Health Organisation declared it a variant of concern.
The changing market dynamics have also changed market experts' outlook on crude oil prices. Virendra Chauhan, Oil Analyst at Energy Aspect believes by the end of 2021, prices can range between $75-80 per barrel. According to him, OPEC+ is going to remain tentative and cautious.
For the full interview, watch the accompanying video.
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(Edited by : Yashi Gupta)
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