Analysts: Oil Prices Are Going Nowhere In The Short Term

Oil prices will continue to trade in a narrow range for the rest of the year, and the average Brent price next year will not exceed $50 a barrel, the monthly Reuters poll of analysts showed on Friday. According to 41 analysts and economists surveyed by Reuters, the second wave of coronavirus cases in major economies will further delay the economic and oil demand recovery, while growing supply out of Libya will also weigh on prices. The only factors that could take oil out of range-bound trade for the rest of the year are the U.S. presidential election…