BAKU, Azerbaijan, April 9. Brent crude oil prices have surged past a recent barrier and are now hovering around $86 per barrel, BMI, a Fitch Solutions company, says, Trend reports.
As the company explains, this increase can be partly attributed to a slowly improving global economic outlook, but the main reason is the growing risk on the supply side.
"We hold a neutral-to-bullish outlook over the remainder of the year and forecast Brent crude to average USD85/bbl in 2024 and USD82/bbl in 2025," the company expects.
Meanwhile, as Ukraine continues attacks on Russian refineries in hopes of reducing the government's oil income, BMI thinks that, if Ukraine proceeds with these attacks, any further escalation could significantly affect the company's current oil price predictions.
So far, the price response has been relatively under control, BMI noted, but if more Russian refineries face disruptions, along with increased demand in the second quarter and continued limits by the OPEC+ group, prices could climb even higher in the coming months.
