Oil in Global Economy Series: Platts’ survey points to higher Brent in 2019

After declining to as low as $26 per barrel, global oil benchmark Brent has recovered almost 230 percent as it currently trades around $86 per barrel. This year alone, it has increased by 28 percent and according to Platts, which quarterly surveys top banks and oil analysts, the trend would very well continue. Analysts expect the oil price to average $80 per barrel next year. So far, this year Brent has averaged $75 per barrel.

In July, we called on our readers to long Brent crude at the then current rate of $74.3 per barrel, with a target of $95 per barrel citing Middle East tensions, https://www.econotimes.com/FxWirePro-Long-Brent-targeting-95-per-barrel-as-geopolitical-tensions-intensify-in-Middle-East-1409049

And recently, the $95 per barrel outlook was reaffirmed, https://www.econotimes.com/FxWirePro-Bulls-are-back-in-Brent-targeting-95-area-1433347

The higher oil production in the United States, U.S. sanctions on Iran, and the declining production in Venezuela remain as major supply concerns.