Brent Crude Price Forecast

According to a survey of analysts compiled by The Wall Street Journal, Brent crude is forecasted to rise modestly in the second half of the year, eventually reaching around $88 a barrel in early 2025.

Price Projections

The international oil benchmark is expected to average $84.37 a barrel in the third quarter and $84.40 a barrel in the fourth quarter, which is approximately $1 higher than current levels. On the other hand, WTI, the primary U.S. gauge, is projected at an average of $80.32 a barrel in the third quarter and $80.12 a barrel in the fourth.

Future Outlook

Looking ahead to the first quarter of next year, analysts anticipate Brent to hit an average of $88.33 a barrel and WTI to reach $84.67 a barrel.

Market Conditions

Oil futures opened the trading session lower due to concerns over reduced demand following a larger-than-expected build in U.S. crude stockpiles reported by the U.S. Energy Information Administration. However, expectations that OPEC and its allies will extend voluntary output cuts and fears of supply disruptions have helped cap declines.

Current Prices

Currently, Brent crude stands flat at $83.70 a barrel, while WTI has seen a slight increase of 0.2% to $78.72 a barrel.