Continued supply cuts could lift Brent futures above the $100-a-barrel threshold before the end of the year, Bank of America analysts said Wednesday.
The prices of Petroleum hit 10-month highs on Wednesday, boosted by expectations That the crude oil supply will remain scarce for the rest of the year.
The extension by Saudi Arabia and Russia of cuts to crude oil production by 1.3 million barrels per day (bpd) until the end of this year will set a substantial market deficit until the fourth quarter, said the International Energy Agency (IEA).
Continued supply cuts could raise prices Brent futures above the threshold of $100 per barrel before the end of the year, they stated on Wednesday Bank of America analysts.
The futures of creferential rude Brent They rise to US$92.63 a barrel, while US West Texas Intermediate (WTI) oil gains 0.64%, to US$89.41.
Petroleum
The Brent futures The immediate month was quoted on Tuesday at US$4.68 a barrel above six-month delivery rates, a differential that had not been exceeded since last November and which indicates tight supply in the market.
However, concern persists by the European and American economies, and the investors await the publication of the price index data to the US consumer on Wednesday to learn possible interest rate movements. Analysts expect the European Central Bank to raise interest rates at its meeting on Thursday.
The organization of Petroleum Exporting Countries (OPEC) on Tuesday it maintained its forecasts for strong demand growth world oil in 2023 and 2024.
Source: Ambito
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