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Global oil demand rebounds from COVID-19 pandemic’s lows, prompts price spike forecasts

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Sen says the shallower drop in demand and quick recovery illustrates how dependent the world is on crude and suggests that its oil dependence will not be diminished in the near term.In an energy price forecast released Monday, accounting firm Deloitte also makes note of the oil demand recovery and predicts Brent crude prices will rise from an average of US$39 per barrel this year to US$46.50 in 2021 and US$64 in 2023.“The market thought that demand would fall by between 30 and 40 million barrels a day,” said Sen, noting that spot oil prices fell to negative levels at one point because investors believed demand would reach extremely low levels..

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