Brent crude futures were trading above $73.5 a barrel on Monday, following four straight weeks of gains, buoyed by optimism over strong demand recovery and the breakup of Iran nuclear talks without an agreement. Ebrahim Raisi, who is subject to US sanctions, won the country's presidential election and Tehran claims they must be eliminated as part of an agreement to revive the pact. The oil market is up more than 50% so far this year, as investors are upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US allowing more people to travel. Also, India eased lockdown restrictions following a sustained downtrend in coronavirus infections. On the supply side, OPEC+ agreed to keep to their plan to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals.
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 of 2021.
Brent crude oil is expected to trade at 77.17 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 90.11 in 12 months time.