Analysts note a short-term potential for growing oil prices

Standard Chartered analysts suppose that oil prices have a short-term potential for growth now. They will be $5-10 per barrel and increase in the second half-year. 

This data was obtained from a new report sent to Rigzone. Analysts added that now, they guess that speculative positioning reflects an excessively bearish point of view. 

As per the report, analysts think that the least resistance is now a smooth upward movement. At the same time, there is a risk of uncertainty about OPEC's actions, as well as supply reduction.

According to the last forecast of the U.S. Energy Information Administration (EIA) concerning the price of black gold, the average price of Brent Crude will exceed the $80 per barrel point at the beginning of the year. Then, it will be decreasing until December 2024.

Director of EIR Bill Farren-Price said that looking ahead to 2023, the experts see that prices will be more bullish than bearish. Such a situation is caused by the global restrictions on oil supply imposed to maintain the balance regardless of the downturn in the global economy.