World Bank Sees Oil Average $44 in 2021

Energy prices suffered the most among commodities in the pandemic—especially oil prices—and they won’t be rising much next year either, averaging just $44 a barrel, the World Bank said in its semi-annual Commodity Markets Outlook report on Thursday. While agricultural and metal commodities have already recouped losses from COVID-19, oil prices will not recover to pre-pandemic levels at least until 2022, according to the World Bank. “Notwithstanding steep production cuts, the recovery in oil prices has stalled recently amid…