Brent seen averaging 106.82bbl this year, 95.75bbl in 2023
WTI seen averaging 102.82bbl this year, 92.19bbl in 2023
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June 30 Reuters Oil prices are expected to stay above 100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb.

A survey of 34 economists and analysts forecast Brent crude would average 106.82 a barrel in 2022, the highest prediction for the year so far, versus a 101.89 consensus in May.

Brent has averaged about 105 a barrel this year, and is now trading around 116 a barrel, amid supply concerns.

Crude oil will remain bid as long as the Russian war in Ukraine continues to deny global supply of much needed barrels, said Robert Yawger, director, energy futures at Mizuho, New York.

Global surplus crude production capacity in May 2022 was less than half its 2021 average, the U.S. Energy Information Administration said last week, as Western sanctions on Russia over its invasion of Ukraine took hold. Russian exports make up about 7 of global supply.

Analysts projected demand growth of about 2.3 to 5 million barrels per day bpd this year, and 22.4 million bpd in 2023, as tight supply overshadows demand concerns.

Demand destruction concerns on the back of the stagflation trend and COVIDrelated lockdowns in China have put a lid on the bullishness in the recent past, but as China relaxes…