Is $50/b Brent’s new normal?
Analysts think the worst is over and a rough floor has been established, for now
THE BREXIT-induced sell off in oil futures should be short-lived, as broader forces sustain Brent's recent strength. $50 a barrel looks to have staying power. Analysts expect Brent prices to keep rising throughout the second half of the year as OECD crude stocks deflate. Of the six analysts surveyed by Petroleum Economist, four expected Brent prices to remain above $50/b between June and December. Two analysts (Energy Aspects and ABN Amro) see Brent reaching $65/b by the fourth quarter of this year. Outages in May reduced global oil supply by nearly 0.8m b/d, according to the International Energy Agency (IEA). At 95.4m b/d, global crude output was 0.59m b/d lower than in the same month a yea
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