In early March, at just under $140, the price of a barrel of Brent oil almost reached the record level of July 2008 again. Most recently, however, the price fell back to around $100. In the opinion of strategists at Commerzbank, oil prices are likely to decline further.

Oil demand to lose momentum over the course of the year

“Oil demand is expected to lose momentum over the course of the year as a result of sanctions, high prices and the lockdown of major cities in China to contain the coronavirus.”

“The price of a barrel of Brent oil should continue to trade above $100 for the time being, but ease again in the second half of the year and end the year at $90.”