Fitch believes oil prices may fall within $50-$60 per barrel

As a result of the adjustment in oil prices that has begun, the price of Brent oil may drop to $50-$60 per barrel, but this is a comfortable corridor for oil exporters, Director of the corporation department of the Fitch agency Dmitry Marinchenko said in an interview with TASS, Report informs.

He said that one shouldn’t expect a sharp collapse of oil prices.

“Brent prices may return to $50-$60 per barrel. This level is comfortable for most oil producers, including Russia,” he said, commenting on the decrease in oil prices by more than 5 percent on April 5, when Brent fell sharply to around $61 per barrel.

At the same time, Marinchenko doesn’t expect a strong collapse in prices, since the oil market is still in deficit, despite the decision of the OPEC+ countries to increase supplies by more than 2 million barrels per day during May-July 2021.

At the meeting on April 1, oil exporters decided, contrary to expectations, to increase oil production from May this year.