“At this point in time, we are probably looking towards USD 90 per barrel Brent price,” said David Lennox, Analyst, Fat Prophets, in an interview with CNBC-TV18.

Share Market Live

NSE

“Brent prices have been somewhat volatile and it is primarily because when we saw the demand story start to resurface, we saw significant rises as well and when we see the supply story coming in, we see fresh supplies coming on,” he said.

“We have seen the oil prices rise. We think over the course of the next couple of weeks, we are going to see the oil prices continue to rise,” he said.

Also Read:

Cryptos useful as small diversification in portfolio; India among standout performers in EMs: Wells Fargo

There is some amount of a demand push-on here rather than anything to do with supply, Lennox noted.

“We are going to see oil prices continue to moderately rise as the fear of higher demand continues to grip oil prices,” he said.

For the full interview, watch the accompanying video.

Catch all market updates here.

(Edited by : Dipikka Ghosh)

First Published:Nov 24, 2021 12:12 PM IST