Brent crude futures fell towards $75 a barrel on Friday after touching on Wednesday a two-month high of $76.13, amid signs of more supply entering the market as US production continues to slowly recover from the damage caused by Hurricane Ida in August. Still, Brent gained nearly 3% on the week, due to supply disruptions and as data from both the EIA and API showed a decline in crude stocks. Elsewhere, the International Energy Agency said this week that an acceleration in vaccine roll-outs globally will continue to support oil prices, raising global oil demand growth forecast for 2022 by 85,000 bpd to 3.2 million bpd.
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 September of 2021.
Brent crude oil is expected to trade at 70.90 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 65.28 in 12 months time.