Brent price may reach $120 next year

The price of Brent oil may rise to $120 per barrel by the end of June 2022, Report informs with reference to the forecast of the Bank of America.

The bank's analysts believe that high gasoline demand may accelerate the rise in oil prices against the background of limited refining capacity.

The global energy crisis has led to a sharp increase in world natural gas and coal prices. It gave impetus to the recovery of oil futures. Thus, in mid-October, the Brent price exceeded $86 per barrel for the first time in three years, and the price of WTI oil topped $85 at the end of the month.

The International Energy Agency predicts that oil prices could fall to $36 per barrel by 2030 in what it believes to be the worst scenario. It may become real if the energy sector reduces hydrocarbon emissions to zero by 2050. According to this scenario, the oil demand should reach its peak in 2025.

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