Crude oil price will rise $60 a barrel at the end of 2021!

Global demand for crude oil could return to pre-pandemic levels by the end of 2021. As a result, the possibility of an increase in the price of the fuel product in the international market is low. Citibank, a New York-based multinational investment firm, expects crude oil to rise to 60 a barrel by the end of 2021. In an interview with Bloomberg, the senior official of Citigroup said the biggest challenge now in the crude oil market is growing demand. There has been no way out of the decline in demand for the fuel product since the beginning of the Corona epidemic. Even in countries where lockdowns have eased, the economy has begun to regain momentum. Despite this, global demand for crude oil has not ebbed. On the contrary, the situation is likely to remain unchanged until next year. In this situation, the price of crude oil in the international market will not increase much unless there is a big jump in demand.

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According to a Citigroup note Brent crude traded below $40 this week. The price of the fuel product could rise to $55 by the beginning of next year. And by the end of the year, the price of Brent crude could stand at 60 per barrel. Not only Citibank, but also another influential US investment bank, Goldman Sachs, has made similar predictions. They predict by the third quarter (July-September) of 2021, the price of Brent crude in the international market could rise $65 per barrel.

The Corona vaccine could be available worldwide next spring, Goldman Sachs reports. The availability of vaccines will play a role in restoring confidence in people and the economy, boosting the economy as well as increasing the demand for crude oil around the world. This is mainly due to the fact that the price of crude oil may rise in the international market by the third quarter of next year.