Oil Above $100/barrel to Stay as Market Struggles to Replace Russian Oil

A rally in oil is set to continue with prices staying well above $100 this year as a parched market struggles to wean itself off Russian oil, a Reuters poll showed on Thursday.
A survey of 40 economists and analysts forecast Brent crude would average $103.07 a barrel this year, a jump from the previous poll’s $91.15 consensus and the highest 2022 estimate yet in Reuters surveys.
The 2022 consensus for U.S. crude was also hiked sharply to $98.49 a barrel from the prior $87.68 forecast.