Poll: Supply Fears to Sustain Oil Rally, Trumping Recession Risks

In a poll with 34 economists, they predicted that Brent crude oil prices would reach its highest forecast for 2022 so far at $106.82/bbl compared to $101.98/bbl in May.

Rahul Paswan, Reuters

Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on June 30, though economic risks could slow the climb.

A survey of 34 economists and analysts forecast Brent crude would average $106.82 a barrel in 2022, the highest prediction for the year so far, versus a $101.89 consensus in May.

Brent has averaged about $105 a barrel this year and is now trading around $116 a barrel amid supply concerns.

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