Commonwealth Bank has set a price target of $65 per barrel for...

Commonwealth Bank has set a price target of $65 per barrel for oil prices by the end of the year, which Dhar said was already looking like a low forecast.“The expectations of a Covid-19 vaccine is certainly very positive for oil,” he said. “Around two-thirds of oil consumption is tied to mobility and transportation, so, anything which is positive news on the Covid-19 front has an enormous positive impact on oil prices and oil demand expectations.”He added that the decision made by oil producers to hold supply steady as well as to reduce some supplies has allowed energy prices to rally.“Demand is certainly pivotal but the supply side has proven very, very structurally supportive. That’s been the reason why this oil price rally could even surpass our forecast and hit $70 by the end of the year,” Dhar said.