Fitch expects higher oil prices in upcoming years

Brent oil will be around $45 next year, $53 in 2022, and $55 in the years to follow.

According to a study by Fitch Ratings on the future development of the market, WTI will be $3 cheaper than Brent.

Fitch notes that prices will soar mainly due to the OPEC+ deal on oil production cuts.

"We expect OPEC+ to periodically adjust the two-year agreement reached in April 2020 to avoid a large production surplus or deficit, which supports our expectations of a gradual recovery in oil prices," the document reads.