Schedule Brent oil prices at intervals of 1 week
OPEC retains full control over the market, so in the second quarter the price of Brent oil will rise to $ 75, UBS analyst Giovanni Stonovo predicts. According to him, thanks to vaccinations and the partial lifting of coronavirus restrictions, global oil consumption will grow in the second quarter from 94 million b / d to 99 million b / d.
The decline in world oil reserves confirms the opinion of UBS about the shortage of supply, the expert notes.
“We continue to advise high-risk investors to stay long on Brent,” the analyst writes. “However, prices may decline if the worsening epidemiological situation leads to increased restrictions and, as a consequence, a drop in demand for black gold.”
The UBS baseline projection assumes that vaccinations will bring the global economy back to normal in the coming quarters.