Oil bound for gains as OPEC+ guards supply, but virus threat looms: Reuters poll | Reuters
Oil prices will stay elevated into next year as OPEC+ keeps a tight leash on supply despite U.S.-led strategic crude releases, a Reuters poll showed on Tuesday, but a COVID-19 resurgence fuelled by the Omicron variant could loom large over the outlook.
A survey of 39 economists and analysts - kicked off before Omicron grabbed headlines-- forecast Brent crude to average $71.25 a barrel in 2021, up from the $70.89 consensus in October and the $70.57 average this year. The 2022 Brent outlook was raised to $75.33 from $74.04.
This is the highest projection this year for the benchmark.
"We expect that OPEC+ will remain cautious in adding barrels, but does not want oil prices to move past $80 for any sustained period of time," said John Paisie, president of Stratas Advisors.
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