HomeMediaLatest NewsOil picks: black gold may rise in price to $90 per barrel

Oil picks: black gold may rise in price to $90 per barrel

17 January 2022

Salikhov Marcel R. President, Principal Director on Economic Studies, Head of the Economic Department

Marcel Salikhov, President of the Institute for Energy and Finance, predicted to Izvestia the dynamics of oil prices in the first quarter of 2022.

Oil prices may well reach $90 per barrel in the first quarter of 2022, Marcel Salikhov said. In his opinion, this may be affected by a reduction in the supply of black gold on the market - temporary restrictions on production in the US and Canada associated with low temperatures. There is also a factor of increasing demand for energy, the main optimism of market players may be associated with the expansion of anti-crisis policy in China, he added.

— The People's Bank of China today unexpectedly lowered the interest rate on medium-term bank funding instruments. Apparently, additional measures to support the Chinese economy, both from monetary policy and from the budget, will be taken in the near future. This will support commodity prices, including oil, he said.

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