FXStreet reports that economists at Danske Bank believe that the ongoing vaccine roll-out, reopening of economies and growing inflationary pressure has brightened the outlook for oil prices.

“Vaccines roll out, reopening of economies, strong support from monetary and fiscal policy and a relatively weak dollar all creates a sound back drop for global oil demand.”

“We have revised our oil price forecasts higher and now expect Brent to average $65/bbl in Q2 (from $55/bbl), $70bbl in Q3 and Q4 (from $60/bbl (and $72.5bbl in 2022 (from $65/bbl)."