Brent Crude prices are set to average $42.35 a barrel this year and $49.25 per barrel in 2021, according to IHS Markit’s latest price forecast, which was raised by $7 a barrel for next year compared to the previous projection in May. After the worst of the demand crash in April, oil markets are now “at a delicate pivot point as they transition to phase II” of the recovery expected by IHS Markit. In recent weeks, oil prices have been relatively stable, with Brent Crude trading in the narrow $40-$45 per barrel range. The price of…
