The price of Brent crude oil briefly exceeded $ 71 per barrel during Tuesday’s trading. He can blame the improved demand outlook for the rest of this year. At the same time, the market is closely monitoring how the OPEC + group will react.
Rising demand for oil and its improved outlook for the rest of this year have caused the price of a barrel of Brent crude oil to reach its highest level since March this year. It traded briefly above $ 71.50. Although oil later fell slightly, it remained above $ 70 a barrel on Tuesday.
Global demand for labor in the first quarter of this year exceeded 93 million barrels per day and increased slightly again during the second quarter. The International Energy Agency and OPEC estimate that demand will reach around 98 million barrels per day in the third quarter and could reach the 100 million mark by the end of the year.
At the same time, the OPEC + group of countries signaled that it could agree for the coming months to gradually loosen mining restrictions in order to maintain the price stability of black gold on the global market. If that really happens, it can be assumed that the price of oil will remain close to the $ 70 limit for the rest of this year.