The value of a barrel of Brent oil reached nearly $140 at the start of March. The value then fell again to $100 however is now buying and selling above $110 once more. Strategists at Commerzbank count on Brent to commerce above the $100 stage earlier than falling again within the second half of 2022 in the direction of $90.
Oil costs briefly close to all-time excessive
“Oil demand is extra strong than anticipated at the start of the 12 months, regardless of excessive Corona an infection numbers, and is anticipated to return to pre-covid pandemic ranges because the 12 months progresses.”
“The oil market is more likely to stay tight in the intervening time if there are extended provide disruptions as a result of Ukraine conflict and sanctions towards Russia. Nevertheless, Iranian oil exports may return to the market in the middle of the 12 months.”
“The value of a barrel of Brent oil ought to proceed to commerce above $100 in the intervening time, however fall again once more within the second half of the 12 months and commerce at $90 at year-end.”
