Predicting the changing price of oil is a notoriously difficult task, however, recent analysis by Bloomberg Intelligence forecasts that Brent is expected to be above $80 a barrel at the end of 2024.
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to Ana Boata, head of economic research at Allianz Trade.
One of the hottest trades in the oil market this year is keeping on rolling, with the potential to reshape the value of physical crude cargoes and transform global flows.
Brent crude climbed above $80 a barrel to its highest level since November 2014 after OPEC and its allies signaled less urgency to boost output, despite U.S. pressure to temper prices.
