Brent crude futures pared gains to trade just above $82 per barrel on Wednesday due to an unexpected increase in US crude stocks. EIA data showed that US crude inventories rose by 3.73 million barrels last week, the most in six weeks and defying market expectations for a 1.55 million barrel draw. US gasoline and distillate stocks also increased more than forecasts. Despite this, oil prices remain strong due to an improving global demand outlook. The US EIA raised its global oil demand growth forecast to 1.1 million barrels per day in 2024 from a previous estimate of 900,000 bpd, with demand revised higher for Asian countries except Japan. OPEC also maintained its outlook for a solid growth in global oil demand for this year driven by expectations of increased travel and tourism in the second half. Additionally, lighter-than-expected US inflation data bring forward interest rate cut bets, supporting the outlook for economic growth and energy demand.
Brent increased 5.57 USD/BBL or 7.23% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on June 12 of 2024.
Brent increased 5.57 USD/BBL or 7.23% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 81.86 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 83.55 in 12 months time.