Brent Crude Oil to average $80 the coming year – Danske Bank

Economists at Danske Bank discuss Oil outlook.

OPEC+ looks to have a preference for Brent to trade in the $80-110 range

If the demand outlook weakens further, we expect OPEC+ to make more output cuts. US could also start to replenish strategic reserves. 

We look for Brent to average $80/bbl the coming year. 

OPEC+ looks to have a preference for Brent to trade in the $80-110/bbl range. 

US will likely start to buy Oil for its strategic reserves if prices fall much below $70/bbl.