Brent crude tops $87 a barrel for the first time since January 30
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The cost of June futures for Brent crude on the London ICE exchange exceeded $87 per barrel for the first time since January 30, should from market data.
During trading, by 17:50 Moscow time, the price of this brand of oil rose by 1.74% to $87.1 per barrel. As of 18:07 Moscow time, the indicator fell to $86.88.
Previously, Vedomosti, citing analysts wrotethat world oil prices could rise to $90-95/bbl by the end of 2023. against the backdrop of voluntary cuts in oil production by individual OPEC+ countries, including Saudi Arabia and the UAE.
Ekaterina Krylova, Managing Expert of the PSB Analytics and Expertise Center, raised her forecast for the average price of the benchmark Brent brand in 2023 by $2.75 to $86.7/bbl. The price of Urals, in her opinion, will be in the range of $62-66/bbl. Krylova also believes that the Urals discount to Brent “will gradually narrow, but will not fall below $20/bbl.”
Analysts at Rosbank predict an increase in Brent prices in Q2 2023 to $90/bbl. and a gradual decline to $80 by the end of the year. Analyst FG “Finam” Andrey Maslov believes that in the II quarter a barrel of Brent will rise in price to $ 88-90 per barrel. American Goldman Sachs on March 3 raised its Brent price forecast for December 2023 and 2024 by $5 to $95/bbl. and $100/bbl. respectively. At the same time, Bank of America confirmed its Brent price forecast for the second half of 2023 at $90/bbl.
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