Crude oil prices in focus

UK Oil to Trade Between $65 and $70 Till 2024: Reuters Poll

Posted Wednesday, January 15, 2020 by
Arslan Butt • 1 min read

A recent Reuters poll of energy professionals reveals that crude oil prices could trade between $65 and $70 per barrel till at least 2024. Oil prices are likely to continue trading within this range for a few years on account of robust supply from US shale oil producers as well as other nations outside OPEC.

While worries about supplies peaking are diminishing, there are worries that demand for crude oil could peak in the coming years. UK Brent crude oil is expected to maintain its prices at an average of around $65 for a barrel over the next five years, staying between $67 and $69 till 2024.

Unlike previous annual surveys, the latest survey offers no indication for an uptick in price expectations for the later years. Less than 5% of respondents polled felt that crude oil prices could average above $100 in 2024, a sign denoting supply concerns. On the other hand, around 16% of respondents expected prices to fall to less than $50 on average in the coming years on the back of weakening demand.

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