Brent crude prices fell to below $35 a barrel on Friday, amid escalating Sino-US tensions and slow fuel demand. US President Trump will hold a press conference later in the day regarding the American response to China’s new security law for Hong Kong. Also, a surprise rise in US inventories last week according to both EIA and API data pressured prices further.
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 May of 2020.
Brent crude oil is expected to trade at 33.65 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 29.11 in 12 months time.