According to analysts, the chances of Brent jumping above $ 70 per barrel are very low. In fact, reaching $ 100 is impossible, at least until demand for oil grows to a more global scale.
But in the short term (or by the end of the first half of 2021), Brent should trade at $ 70 per barrel, while WTI should hit $ 67. It is only at the end of the third quarter that prices will drop again to $ 62 and $ 59, respectively. And by the end of this year, Brent will close at $ 60, while WTI will close at $ 57.
Based on these figures, the average price of Brent and WTI will be $ 63 and $ 60, respectively.
Next year though, experts predict that prices will rise again. Brent is projected to climb above $ 60, while WTI is forecasted to reach $ 57 per barrel.
Analysts believe that oil will trade in this range (from $ 50 to $ 70 per barrel) for at least five years, as they see no opportunities for more intensive growth until 2026.
