International Crude Oil Price Analysis and Projection in 2021

In 2020, the fluctuation range of the international crude oil price was significantly expanded, and the average price was significantly lower than that in 2019. Looking forward to 2021, this paper analyzes the future trends of global economy, crude oil supply and demand, the dollar, crude oil futures, geopolitics and energy structure from the perspective of fundamentals and non- fundamentals, and forecasts the international crude oil price trend in 2021. It is estimated that the supply and demand of the international crude oil market will be in a tight balance in 2021, and the oil price will rise. However, the short-term impact of emergencies needs special attention. The average price of Brent and WTI crude oil is expected to reach 44~54 USD/barrel and 41~51 USD/barrel.