“Last week, Brent oil prices showed strong growth.
Over the week, Brent oil prices rose by just over 4%.
The drivers of growth were signs of high demand for oil in the United States, as well as positive forecasts for demand for “black gold” in 2024 from the International Energy Agency,” the analyst noted.
According to his forecast, “the probability of seeing Brent at $96.5 by the end of May is estimated at more than 80%.”
“Now technical signals for growth are starting to work in the oil market, so negative factors can be ignored.
In turn, the ruble may weaken to 97 rubles per dollar.
In addition, after the elections are over, the ruble is unlikely to be helped until it passes the psychological level of 100 rubles per dollar,” the expert said.
In turn, Fyodor Sidorov, a private investor, founder of the School of Practical Investing, noted that the benchmark Brent oil is now fetching about $86.08 on the stock exchange.
“And this, in general, is still within the average of recent decades.
OPEC+ countries have recently pursued a completely clear policy: their efforts are aimed more at maintaining profitability than at balancing the market.
The United States, in my opinion, will not be able to “throw” enough hydrocarbons onto the market to completely counteract the possible effects.
So, in my opinion, it is most likely that prices in the coming year will tend to the threshold of $110 per barrel,” concluded RT’s interlocutor.
Earlier it was reported that the price of Brent oil reached $86 per barrel for the first time since November 6 last year.