Analyst predicted the price of Brent crude oil for the end of 2024

Forecasts point to moderate stability in the oil sector. The price of Brent oil at the end of 2024 is expected to be in the range of $70-95.5 per barrel. This was reported to Izvestia on December 19 by BitRiver financial analyst Vladislav Antonov.

Earlier in the day, a number of media outlets drew attention to the fact that the price of Brent oil has slowed its decline. According to the London exchange ICE Futures at 16:59, February futures for this grade reached $73.66 per barrel. At the same time, earlier, on December 2, it was reported that January Brent futures were at $72.2 per barrel.

"Forecasts point to moderate stability in the oil sector, with Brent prices in the range of $70-95.5 per barrel, although geopolitical risks such as conflicts in the Middle East or economic shake-ups in the US and China could upset this balance. For example, if demand in the PRC - the largest oil importer - does not recover at the expected pace, it will put downward pressure on prices. On the other hand, any disruptions in supplies or new sanctions against key exporters, such as Iran or Russia, may provoke price hikes," the expert said.

If technical analysis is used, the price may move out of the specified range of $70-95.5 if the equilibrium is broken, he said. According to Antonov, the breakdown of the upper boundary will open the way to $109, and the lower - to $55. The probability of the price falling to $55 is higher than exceeding the $100 level.

Back in late October, Sergei Tereshkin, founder and CEO of the Open Oil Market marketplace, gave Izvestia a forecast that the average price of Brent oil will fall below $70 per barrel in 2025. According to him, the market will be increasingly influenced by long-term factors, including stabilization of global demand.