There will be no miracle. Experts predicted a weekly and annual scenario for the development of the oil market

According to analysts of commodity markets, the coming week for oil quotes will be quite stable due to the support of domestic industry statistics from the United States.
According to American statistics, the US black gold market is now experiencing an active reduction in reserves of raw materials to the lowest levels over the past three months.

There will be no miracle. Experts predicted a weekly and annual scenario for the development of the oil market

Experts believe that such dynamics of the oil market indicates the rapid recovery of the world's major economies. And this, in turn, causes an increase in the volume of consumption of hydrocarbons. As a result, the combination of these factors partially equalizes progress in a new nuclear agreement with Iran.
At the same time, the strengthening of the US dollar and the psychological barrier of $ 70 per barrel act as a definite limiting factor for further uncontrolled growth in oil prices. To take that high, the market will definitely need more significant events and news.
Summarizing all of the above, in the short term (week from May 31 to June 4), oil prices for North Sea Brent crude oil will be in the $ 67-70 per barrel corridor.
As for the longer-term forecasts of analysts, experts here assume an average price of $ 55-60 per barrel for oil this year. According to them, the OPEC + agreement is still the determining factor for quotations of black gold.

In addition, analysts emphasize that the recovery in oil demand amid the rapid pace of the fight against COVID-19 in the world in the coming months will exceed the growth in supply. At the same time, negotiations between Iran and the United States are still a tangible risk factor for oil prices. So, in the event of partial or complete lifting of sanctions, Iran may increase the export of raw materials to 2 million barrels per day in the second half of this year. Such a step, in turn, will require maintaining OPEC + production restrictions for an indefinite period.
FX24

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