Though the near-term outlook for the oil market remains fickle, with demand being a key factor, analysts forecast the price for Brent crude could rebound to $60/bbl by 2022-2023.

That means the journey could be a long one with the price at just above $43/bbl July 17.

Speaking during a webinar on July 16, Keith Myers, president of research for the U.K.-based Westwood Global Energy Group, called the price “painful but not terminal for many companies,” considering the price had recovered from historic lows of less than $10/bbl in April. “The outlook still remains uncertain. In the short term, much depends on demand rebound and more.”

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