Moody’s investors services raises its medium-term oil price range to $50 and $70/barrel, as the ratings agency expects full cost of marginal crude oil barrels will continue to increase on the back of improved demand, Arab Newsreported.

“We are now returning to the medium-term price range we had before the coronavirus pandemic, as we expect the cost of production to continue to rise in step with recovery in demand. We also expect that restricted supply will continue to support strong momentum in oil prices,” Moody’s senior vice president Elena Nadtotchi said in a statement.

The agency didn’t mention in the statement about their previous price estimates.