A barrel of Brent Oil last traded at around $110. In mid-June, the price was still around $125. Economists at Commerzbank expect prices to drop towards $95 by end-2022.

Oil market between supply risks and demand concerns

“In the short-term, the massive release of oil reserves by the major consuming countries will provide relief.”

“The demand outlook remains uncertain: China's strict Zero-Covid strategy still threatens to hamper oil demand with new lockdown measures. High energy prices and tighter monetary policy are also expected to leave their mark.”

“The price of a barrel of Brent oil should continue to trade above $100 for now, but fall back again in the second half of the year to $95 by year-end.”