Oil prices in the medium term will remain below pre-crisis levels 2019
Stability in the oil market helped lift investor sentiment, it will support prices at a higher level.
The International monetary Fund’s forecast regarding the cost of oil in 2020 improved to $36,18 per barrel. This is stated in the IMF survey, published on Wednesday, 24 June.
Forecast for 2021 improved to $37,54. In the April report, the IMF expected that the average price of oil in 2020 would be $34,8 per barrel in 2021 — $36.4 in.
“Curves oil futures indicate that prices are expected to rise subsequently to $46, which is still approximately 25% below the average of 2019”, — stated in the IMF report.