The price of a barrel of Brent Oil has been trading below $100 most of the time since the beginning of August. Any attempts at recovery have failed. Strategists at Commerzbank forecast Brent Oil at $90 by end-2022.

OPEC+ signals change of course

“Demand concerns about an upcoming recession in the USA and Europe and the zero-covid policy in China are weighing on prices. Oil demand, which has been quite robust so far, is likely to lose momentum.”

“OPEC+ is considering a production cut. In October, the production volume will already be slightly reduced.”

“A barrel of Brent Oil should cost $90 at the end of the year.”