HOUSTON, Sept. 17, 2020 /PRNewswire/ -- The BBVA Research team has published its Oil Prices Outlook for September 2020, noting that some of the worst economic conditions seem to be over.
The report, authored by BBVA Principal Economist Marcial Nava, indicates that faltering demand is preventing oil prices from experiencing a sustained increase. In the absence of a COVID-19 vaccine, however, limited travel and work from home arrangements are expected to continue to take a toll on fuel consumption.
According to the report, Nava expects prices to remain below $45 per barrel for the remainder of 2020, though prospects could significantly tilt to the upside if a vaccine is available by the fourth quarter of this year.
While demand recovery varies across countries and products, the Outlook notes that volatility has declined significantly in recent months. In addition, the report indicates that refining activity remains below capacity, and fundamentals suggest that prices will remain subdued as economic conditions remain below the pre-crisis levels.
BBVA USA's research team analyzes the U.S. economy and Federal Reserve monetary policy. For its analyses, the economists create models and forecasts for growth, inflation, monetary policy and industries. The Economic Research team also follows a variety of issues that affect the Sunbelt states where BBVA USA operates. Follow their work on Twitter @BBVAResearch and @BBVANews_USA.
Read the full report here.
See the complete library of BBVA Research publications here.
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BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
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SOURCE BBVA USA