Oil analysts still expect oil prices to recover to almost $100 per barrel by the end of the year, despite the recent drop in quotations to January lows on concerns about global fuel demand.
The price of Brent will rise to just above $99 a barrel in the fourth quarter, according to a poll of analysts conducted by The Wall Street Journal. On Thursday, this variety is trading at around $88 per barrel.
North American oil WTI, according to the consensus forecast, will rise to about $95 per barrel from the current $80.9 per barrel.
Analysts generally believe that both brands will hold at these levels until mid-2023, and then rise slightly by the end of the year: Brent to $101 per barrel, WTI to $98 per barrel.
All interviewed experts are confident that the average cost of Brent in October-December will be at least $95 per barrel, except for Citi analysts – they adhere to the most pessimistic forecast and believe that North Sea oil will cost an average of $85 in the fourth quarter. The bank is also waiting for quotes to fall to $74 by the end of 2023, according to a WSJ survey.
Analysts believe that the expected reduction in OPEC + production will provide serious support to the oil market until the end of the year. In addition, the entry into force of European sanctions on Russian fuel could provoke a decrease in global supply by 1.5 million barrels per day, economists at Societe Generale said.
