Brent crude futures strengthened above $89 per barrel on Friday and were set to gain about 2% this week, underpinned by an improving demand outlook and persistent supply risks related to the Middle East conflict. On Thursday, US Treasury Secretary Janet Yellen told Reuters that US GDP growth for the first quarter could be revised higher as more data come in, and inflation will likely return to more normal levels after some “peculiar” factors disrupted the economy. Weaker-than-expected US economic data also reignited hopes for Federal Reserve interest rate cuts this year. Elsewhere, latest data showed that US crude inventories fell by 6.37 million barrels last week, defying expectations for a 1.6 million barrel build. On the supply side, markets continued to monitor geopolitical developments in the Middle East as Israel stepped up airstrikes on Rafah despite being dissuaded by its allies to attack the southern Gaza city.
Brent increased 12.16 USD/BBL or 15.78% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. 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 April 26 of 2024.
Brent increased 12.16 USD/BBL or 15.78% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 90.97 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 96.28 in 12 months time.