FX.co ★ Oil prices may climb even higher

In 2023, Brent crude jumped to $87 per barrel. Such a rise could be partially explained by OPEC’s decision to cut oil output. In early 2024, the price slid to $84.8 per barrel. However, the results for the second quarter of the year may surprise everyone, as the price of oil may surge to $88 per barrel.

Meanwhile, in the Red Sea, the local Houthis began attacking commercial ships. This, of course, has added fuel to the already acute political situation in the world. So far, they have only made shipping routes more difficult. However, who knows what they could do next. By the way, it is still unknown whether OPEC+ countries will cut oil output or it is just a plan. Additional oil supply in the market may encourage car travelers.

Analysts at EIA predict that 2024 oil production will stay at 102.17 million barrels per day, compared to the previous forecast of 102.3 million.