Brent Oil to tank towards $95 by year-end – Commerzbank

Oil prices have calmed down after the sharp rise at the beginning of the war in Ukraine. Strategists at Commerzbank expect the price of Brent oil to fall to $95 per barrel by the end of the year.

Brent Oil to fluctuate between $100-$115 in the current quarter

“We expect that the price of Brent oil will continue to fluctuate between $100 and 115 per barrel in the current quarter, before falling in the second half of the year.”

“By the end of the year, Brent should be trading at $95. This is based on the assumption that there will be an EU oil embargo on Russian oil. This would increase demand for non-Russian oil, which would also have a price-increasing effect and thus justify a somewhat higher oil price level in the second half of the year than we have expected so far.”