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Oil set for fragile recovery as economies limp towards normalcy: Survey

The poll projected global demand to contract by between 7.2 and 8.5 million barrels per day (bpd) this year, versus last month's 6.5-8.7 million bpd prediction

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The poll projected global demand to contract by between 7.2 and 8.5 million barrels per day (bpd) this year, versus last month's 6.5-8.7 million bpd prediction.

K. Sathya Narayanan | Reuters

2 min read Last Updated : Jul 31 2020 | 6:25 PM IST

Oil prices are set for a slow crawl upwards this year as the gradual easing of coronavirus-led restrictions buoy demand, although a second Covid-19 wave could slow the pace of recovery, a Reuters poll showed on Friday.

The survey of 43 analysts and economists forecast benchmark Brent crude to average $41.50 a barrel in 2020, up slightly from the $40.41 consensus in last month's survey and compared with around $42 average for the benchmark thus far this year. It is expected to average $49.85 in 2021.

The 2020 outlook for West Texas Intermediate rose to $37.51 per barrel from June's

Topics : Coronavirus Lockdown Oil Prices Brent crude oil

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