Brent crude futures rose above $86 per barrel on Thursday, snapping a two-day decline as the latest EIA report pointed to a smaller weekly increase in US crude inventories than the build reported by the API. EIA data showed that US crude stockpiles rose by 3.165 million barrels last week, defying market expectations for a 1.275 million barrel draw but coming in much lower than the 9.337 million barrel increase reported by the API. Investors also took stock of persistent supply-side issues ahead of a meeting by the OPEC Joint Monitoring Ministerial Committee next week. Meanwhile, the latest US PCE price index report, the Federal Reserve’s preferred inflation gauge, will be closely watched on Friday for clues on the path for interest rates.
Brent increased 9.88 USD/BBL or 12.83% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on March 28 of 2024.
Brent increased 9.88 USD/BBL or 12.83% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Brent crude oil is expected to trade at 86.55 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 86.73 in 12 months time.