After a historic year due to Covid-19, the price of oil on the stock market has rebounded sharply, as economies pick up slowly but surely. Oil has even wiped out its losses and now we are talking about a barrel at 75 dollars before the end of 2021… Bad news for motorists.
Oil wipes out its 2020 losses
Oil companies can perhaps be relieved: 2021 is off to a bright start. After recording colossal losses in 2020 because of a fall in the price of a barrel on the stock market, which fell to 10 dollars and even in the negative for some transactions, crude has rebounded.
Monday February 22, 2021, thanks to an increase of 1.34% for Brent and 1.23% for WTI, oil will have managed to regain its pre-crisis price : we have to go back to January 13, 2020 to find such a high oil price. The price of a barrel therefore returns to “normal” levels around which it evolved during the whole of 2019 when the economy was doing well.
The Brent thus posted Monday, February 22, 2021 in the morning 62.97 dollars, while WTI traded at $ 59.99.
Goldman Sachs raises its forecasts: a barrel at 75 dollars?
This recovery in the price of oil follows the recovery trend of the world economy: 2021 should see a record level of growth, if the Covid-19 pandemic is under control and the vaccination produces the desired effect. Nothing is certain yet, but Goldman Sachs bank seems to believe it.
Thus, according to information from Bloomberg, the American bank has revised upwards its forecasts for the price of a barrel on the stock market by nearly 10 dollars. It expects a barrel at $ 70 in the second quarter of 2021 and even forecasts a barrel that could reach $ 75 during the third quarter of 2021.
75 dollars a barrel, this would be unheard of since October 2018.