Investors and analysts with negative outlook on the crude oil prices this week

The investors and analysts are pessimistic for the crude oil prices this week, shows a survey conducted by Economo Business Daily.

Asked how they see the development of oil markets during the week, almost all of the respondents unanimously replied that Brent oil will remain below 30 USD per barrel.

The majority expect the price of the Brent oil to move in the range of 20-30 USD per barrel (55%), while strong support received also the forecast that prices will fall below 20 USD per barrel (50%).

There was almost no support for the strong recovery of the Brent oil price this week.

“oil markets are under pressure from the declining demand, blockade of the economies worldwide due to coronavirus pandemic, as well as the price war between OPEC and Russia”, commented Svilen Petrov, financial analyst of Economo Business Daily. “At some point, the main players on the oil markets must get into an agreement. Such prices of crude oil is definitely unhealthy for the global economy. The range of 40-60 USD/per barrel is much more desirable for everyone”, added he.

The survey was conducted on March 30-31, 2020.

Today, the price of Brent oil rose by 0.43 USD, or 1.9%, to 23.19 USD per barrel after closing yesterday at 22.76 USD per barrel – its lowest level since November 2002.