In 2020, the cost of oil will reach $ 75 per barrel - Barclays

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According to forecasts of the leading British bank Barclays for the 2019th and 2020th years, this year Brent oil will cost about $ 70 per barrel. Next year, the price of raw materials will rise to $ 75 per barrel, financial institution experts are sure.

Bank experts predict that in the current year oil reserves will be below the average over the past five years. The reason for this is that analysts consider the fulfillment of the terms of the OPEC + deal to reduce oil production.

At the same time, oil supplies from Iran will gradually decrease, Barclays believes. However, until the situation improves on the oil market, its participants will have to face a reduction in demand, financial institution experts warn.

By the end of trading on Thursday, January 24, for Brent crude oil was given $ 61.20 per barrel. According to analysts, since the beginning of this year, the value of black gold has increased by 13.9%. In December 2018, oil prices fell to near two-year lows. However, to date, the cost of oil has recovered by 23%.

The trend noted by Barclays experts is based on a thorough analysis of the current situation in the global black gold market. Market participants are laying in oil prices an increasing decline in reserves amid a potential economic downturn.

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The material has been provided by InstaForex Company - www.instaforex.com