Brent Crude Oil

Brent crude futures climbed more than 1% to around the $84 per barrel mark on Thursday on optimism that demand for fuel will grow this year. World's largest oil importer China is making significant efforts to boost its economy while ending its strict COVID-19 policy. Concerns about the impact of sanctions on Russian supply also lent optimism to bulls, as European Union curbs aimed at Russian fuel product sales are due to take effect in February. Keeping a lid on prices were persistent fears of a recession-driven demand downturn in the US and Europe triggered by an aggressive tightening campaign from major central banks. Meanwhile, OPEC and its allies decided in December to stick with their policy of curtailing oil output, restricting global supplies by 2 million barrels per day, a move due to run through the end of 2023.

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 January of 2023.

Brent crude oil is expected to trade at 81.49 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 90.96 in 12 months time.