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UBS: Brent oil price will soon rise to $ 75 per barrel

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.

Also read  Bloomberg: Brent oil above $ 65 a barrel has a number of downside risks

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