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the oil price He could raise his head from here until the end of the year.
The estimation was made by analysts in UBS, who, like the rest of the market, have watched with interest the fluctuations registered by black gold in the last and terrible weeks.
In mid-April, the price of oil even dropped under parity for the first time in history. Still, according to experts’ forecasts, things will improve in the coming months.
Oil price: does it jump 100%?
According to the forecasts mentioned, in the second half of the year the economies of the world will try (as far as possible) to leave behind the chaos generated by the coronavirus and they will all come out of the running of the bulls.
And it will be precisely then that the price of oil (Brent specifically) will be able to return to around $ 43 per barrel.
UBS Global Wealth Management Chief Investment Officer Mark Haefele spoke on the matter and said:
“While the market is oversupplied this quarter, we expect it to move toward equilibrium and become less supplied in the last quarter of 2020, when restrictions are eased and demand increases again.”
In other words, the recovery of the economy will reduce the gap between supply and demand, that gap that in the first three months of the year caused a real shock in the energy market.
What is certain is that a jump in the price of oil of $ 43 would mean a increase of more than 100 percentage points compared to the levels seen this week. At the moment, however, making predictions given excessive volatility seems like anything but a simple trade.
