Banks double down on oil ‘supercycle’ even as price drops 15%

In Energy on 25/03/2021 at 6:21 am

Brent crude has fallen from a 14-month high above US$71 a barrel on March 8 to a low of $60.50 on Tuesday, when prices tumbled 6%{ up 2% yesterday. Prices had rallied 84% from November to the recent peak.

But JPMorgan, Goldman Sachs and Barclays, among others, have in recent days either reiterated their long-term bull case for oil or even increased their forecasts for prices.

Chart as of Tuesday.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: