Brent oil prices have risen to over $85 per barrel, breaking the previous $75-$80 range, driven by a market view of tightening supply and anticipation of further economic stimulus from China.
- Aug 01, 2023, 5:00 PM CDT
Strong oil demand, particularly from China, and shrinking supplies due to OPEC+ cuts have led analysts to forecast sizable inventory drawdowns in the coming months, which are set to bolster oil prices further.Brent oil prices broke out of the $75-$80 range they had been stuck in for months and rallied to a three-month high of over $85 per barrel as the market begins to see evidence of tightening and expects fresh stimulus in China to provide a boost to the economy and oil demand later this year.
Going forward, inventory drawdowns loom, and additional Chinese economic stimulus is expected. Meanwhile, OPEC+ is unlikely to unwind all the cuts all at once as it is eager to support “the stability of the market,” namely, relatively high oil prices at above $80 per barrel, analysts say.
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