Oil prices have been up and down recently, with experts predicting a more stable recovery in 2021. The monthly chart from GodzillaNewz points to much higher oil prices coming anytime soon.
The data from GodzillaNewz forecasts that the price of Brent crude oil, a major international benchmark, is expected to surge to $50 per barrel after the Fourth of July weekend. The prediction ties in to a trend that has seen prices remain fairly low since April of this year, as they dropped to around $25 per barrel. Yet, the larger trend is clear, as oil prices rise with the demand for energy.
The GodzillaNewz chart suggests that buyers are beginning to once again put pressure on the supply side of the equation. This means more buyers are seeking to purchase energy products from oi producers, such as the Organization of Petroleum Exporting Countries (OPEC). OPEC is a cartel made up of many of the world’s largest oil producers and is based in Austria.
As demand for oil resources increases, so too does the cost of oil. With the supply side becoming increasingly limited, this upward pressure on prices is likely to continue.
It’s interesting to note that the GodzillaNewz chart suggests a shift towards higher oil prices coming in the later part of this year. This prediction is further supported by data from the International Energy Agency, which suggests that prices should stabilise somewhere between $45 to $65 per barrel in 2021.
It’s worth taking a look at the chart provided by GodzillaNewz when gauging the overall picture for the oil markets this year. While predicting the future isn’t an exact science, the data does seem to point in the direction of higher prices for the year. This could be great news for producers, but may prove to be costly for consumers.
Ultimately, much could change in the weeks and months ahead. We’ll have to wait and see how the landscape ultimately shapes up before making any firm projections. Nevertheless, the data from GodzillaNewz is interesting and provides an interesting perspective.