Brent crude futures traded near $110 per barrel on Friday and were on track to decline for the second straight week, pressured recently by fears that aggressive monetary tightening in major economies aimed at curbing soaring inflation could lead to a global recession and dampen oil demand. US manufacturing and services PMIs released Thursday came in well below expectations, raising fears of slowing US economic activity. Meanwhile, investors remained cautious amid signs that global crude oil and fuel supply remains tight. Despite agreeing to boost output equivalent to 7% of daily global demand in July and August, OPEC+ has been struggling to hit their increase targets due to underinvestment in oilfields by some members and lost Russian supply. An emergency meeting on Thursday between major US oil refiners and Energy Secretary Jennifer Granholm also failed to produce concrete solutions to reduce oil prices, but the two sides agreed to work together.
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 2022.
Brent crude oil is expected to trade at 117.00 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 129.45 in 12 months time.