&ldquo Taking these into consideration, we believe it will not be a one-way street up from hereon, but we are still likely to see oil at US$60 to US$65 per barrel levels sometime in 2Q2021 and 3Q2021 as seasonally stronger demand conditions prevail, assuming OPEC+ discipline holds,&rdquo they say.
On this, Sarkar, Ho and Sum have also started their 2022 average Brent crude oil price forecast of US$60 to US$65 per barrel.
The analysts also foresee the recovery of the oil and gas (O& G) sector to continue into 2021.
&ldquo Most O& G blue chip names recouped more than half of their losses in market capitalisation during the selldown in January to March 2020. We believe the rally has legs and will continue this year, driven by oil prices and demand recovery following vaccine rollout globally,&rdquo they say
Thus, they have recommended investors to &ldquo buy&rdquo the oil proxies, which &ldquo are preferred to ride the oil price uptrend&rdquo .

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