“Spikes even up to US$150 per barrel cannot be ruled out,” the analysts say.
As oil prices reach close to US$130 ($176.63) per barrel as at March 9, DBS Group Research analysts Suvro Sarkar, Ho Pei Hwa, Duladeth Bik and William Simadiputra are raising their base case forecasts for average Brent crude oil prices this year.
From an initial estimate of US$77 to US$82 per barrel, the DBS analysts now figure that Brent crude, the benchmark, will now hit an average of US$95 to US$100 for the whole of 2022, as hostilities in Ukraine drag on with repercussions that stood more severe than expected.
