Ukraine, Ukraine gate- March 31, 2022- A Reuters poll showed today that the rise of oil is set to continue with prices remaining above $100 this year as the dry market struggles to get rid of Russian oil.
A survey of 40 economists and analysts expected the average price of Brent crude to average $103.07 a barrel this year, a jump from the previous poll consensus of $91.15 and the highest estimate so far in Reuters polls in 2022.
The 2022 consensus for US crude rose sharply to $98.49 a barrel from the previous forecast of $87.68.
With the Russian invasion of Ukraine entering its second month, the global supply shortage approached five million to six million barrels per day while demand rose to record levels.
Russian exports make up about 7 percent of global supplies.
Fears of the fallout from the Ukraine war pushed Brent crude to its highest level in more than a decade in March to $139.13 a barrel.
