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According to a report from the Arab Trade News Agency in Dubai on May 21, 2021, Japan’s Mitsubishi UFJ Finance (MUFG) recently stated in a new report that the oil price in the second quarter of this year is expected to reach US$77 per barrel.
MUFG predicts that global oil demand will increase in the next six months due to the increasing resistance of vaccination and personnel movement trends to the wave of the new crown pneumonia epidemic.
MUFG said in its latest Petroleum Market Weekly: “After the fourth quarter of this year, we expect oil prices will gradually return to the equilibrium price of the oil industry.
MUFG said: "We continue to be bullish on oil prices and look for further evidence of a forward curve with strong demand, declining inventories, rising premiums, and larger spot premiums in the coming week.
Li Jun compiled from Arab Trade News Agency
The original text is as follows:
Oil prices likely to reach $77 in Q2: MUFG
Oil prices are expected to reach $77 per barrel (/b) in the second quarter (Q2) of the year and remain in the 70s over the summer, said the Mitsubishi UFJ Financial Group (MUFG), a Japanese financial services company in a new report.
MUFG expects a ramp-up in global oil demand in the next six months, owing to both vaccines and mobility trends increasingly becoming more resilient to virus waves.
"Thereafter in Q4, we see oil prices gradually regressing back towards the equilibrium price for the oil industry, which we view as being centred on the current anchor near the long-term marginal cost of production and support of about $55-65/b for Brent," MUFG said in its latest Oil Market Weekly.
Oil prices have increasingly edged slightly lower this week with investors pricing in some prospects that Iran will resume oil exports on a large scale following a potential diplomatic breakthrough where the US and Iran return to the terms of the nuclear agreement.
"We continue to remain bullish and for the week ahead look for further evidence of demand strength, falling inventories, rising premiums and the forward curve in steeper backwardation," the MUFG report said.
