Continued uncertainty around the Covid-19 pandemic has kept a lid on rallying oil prices, according to the World Bank.

Though prices have been supported by continued production restraint by the Organization of the Petroleum Exporting Countries and their allies, aka OPEC-plus,“the pickup in oil prices has been partly dampened by uncertainty regarding the evolution of the pandemic and its potential impact on future oil demand,” the World Bank said in Global Economic Prospects.

Prices have been on the rise on increased demand as vaccine programs are rolled out and economies recover. Brent and West Texas Intermediate have both recently risen to more than $70/bbl.

World Bank researchers expect oil prices to average $62/bbl in 2021 and 2022, based mainly on expected subdued...