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Oil sees moderate gains

Oil prices have seen moderate gains on Tuesday, February 9, with Brent advancing 0.73% to $60.86/bbl, while WTI added 0.53% to $58.19/bbl.

The US Energy Department forecasts that in 2021 the Brent crude price will average $53.2/bbl, and WTI crude will be $50.21/bbl. The Department also warns that a global oil shortage could arise as early as 2021-2022.

This morning, oil is correcting slightly downward as Brent is down 0.1%, while WTI is off 0.02%. Our Brent price forecast for today is $60-61.5/bbl.

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