Brent crude futures gained more than 1% to $113 a barrel on Monday, as concerns over reduced supply outweighed fears that a global economic slowdown will lower demand. Output from 10 OPEC members fell by 100K bpd to 28.52 million bpd in June, off their pledged increase of about 275K bpd, a Reuters survey showed. Also, Libya's exports have dropped to between 365K bpd and 409K bpd, down about 865K bpd compared to normal levels. Moreover, about 130K bpd of Norway’s daily oil output will be lost due to a planned strike by Norwegian energy sector workers. Oil prices are up almost 50% this year, due to Russia’s invasion of Ukraine, strong consumer demand and weak supply.
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 July of 2022.
Brent crude oil is expected to trade at 115.50 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 127.95 in 12 months time.