Brent crude futures traded around $70 a barrel on Thursday, the lowest since July 21st amid rising inventories and demand concerns. Government data on Wednesday showed US crude stockpiles rose by 3.63 million barrels last week, the biggest gain since March. Meantime, both the US and China are witnessing a spike in coronavirus cases amid the highly contagious delta variant, threatening demand at the peak summer driving season and limiting air traffic. Yet, Saudi Aramco lifted oil prices for the US by 10-20 cents a barrel and Asia by 20-60 cents a barrel for September as the oil market is nonetheless seen tight on the back of the global economic recovery from last year’s Covid-19 crisis. Elsewhere, tension in the Middle East put a floor under prices.
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 August of 2021.
Brent crude oil is expected to trade at 80.40 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 94.06 in 12 months time.