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MUFG: The average price of Brent crude oil is expected to reach $46.2/barrel in 2020

 Last Update: 2023-01-03
 Source: Internet
 Author: User

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Mitsubishi UFJ Financial Group (MUFG) latest Oil Market Weekly reported that Brent crude oil prices are expected to reach $44.
1/barrel by the end of the third quarter (third quarter) of 2020 and $48.
7/barrel by the end of the fourth quarter, noting that the average price of Brent crude oil will reach $46.
2/barrel
in 2020.

The average price forecast for Brent crude oil in 2021 will remain at $56.
6/barrel
.

Mitsubishi UFJ Financial Group said in the report: "Our belief in oil prices is clearly turning bullish, which reflects developments on three fronts
.
”

"First, tightening fundamentals, which have started to lose money since early June, investors are increasingly embracing the oil market
.
Second, the continued depreciation of the dollar (the weakness of the dollar has made dollar-denominated commodities relatively cheap), and third, the official selling price (OSP) of Saudi crude remains below historical averages in order to sell at competitive prices to support demand
.
”

crude

The average price forecast for Brent crude oil in 2021 will remain at $56.
6/barrel
.

Mitsubishi UFJ Financial Group said in the report: "Our belief in oil prices is clearly turning bullish, which reflects developments on three fronts
.
”

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