IMF raises its forecast for average oil prices in 2021, 2022

The International Monetary Fund (IMF) has increased its forecast for average global oil prices for the current year by $0.98, to $65.68 per barrel, and by $1.50 in 2022, to $64.5 per barrel, according to the IMF’s October World Economic Outlook (WEO), Report informs.

According to the IMF, the average oil price in 2020 was $41.29 per barrel. In July, the fund predicted the oil price in 2021 at $64.7 per barrel.

This morning the price of a barrel of December futures for Brent oil amounted to $83.86 (up 0.25%). A barrel of November futures for WTI crude was traded at $80.70 (up 0.22%). During the previous trades, both benchmark grades gained 1.5%.