Brent up very slightly pending confirmation of a recovery in Chinese demand
Crude oil prices rose very slightly last week. The market is still awaiting confirmation of the recovery in Chinese demand, while oil supply is expected to tighten by the end of the year with the end of the US strategic stockpile release program and the entry into force of the European embargo on Russian oil.
Oil prices have been falling for months after peaking at around $122 a barrel in June.
On a weekly average, Brent on the London futures market gained 1.0 $/b (+1.1%) to 92.7 $/b and WTI in New York 2.0 $/b (+2 .3%) at $86.8/b.
Online crude oil price: Brent and WTI market
The consensus of economists surveyed on September 9 is down very slightly with an average price of Brent in 2022 at 105 $/b and 96.3 $/b in 2023. Some banks like Morgan Stanley and UBS having recently lowered their price forecasts for this quarter and next. Other institutions like JPMorgan Chase & Co, however, warn that once the pandemic-related lockdowns in China are lifted, the price of crude could quickly reach much higher levels, around $150/bbl.
View our full Crude Oil Market Report - Week of 19/09/2022 - due out this 26/09/2022.