The price of a barrel of Brent Oil has been trading below $80 since the beginning of May but has recently approached this level again after an interim drop in June to $72. Economists at Commerzbank analyze Oil outlook.
Oil price set to rise due to tighter market
Demand concerns still stand in the way of a stronger price increase. For example, the economic recovery in China has noticeably lost momentum. Rising interest rates in the USA and Europe are likely to curb Oil demand there.
We have lowered our price forecast for a barrel of Brent Oil at the end of the year to $85. However, we are sticking to the expected price recovery.
Source: https://www.fxstreet.com/news/brent-oil-set-to-trade-at-85-by-year-end-commerzbank-202307141325