Brent crude prices climbed by approximately 1%, reaching $65.61 per barrel. This increase followed market expectations that the United States and China might reduce trade tariffs, potentially boosting oil demand, reports the Baltimore Chronicle, citing Reuters.
However, concerns about oversupply continue to limit the upward trend. Saudi Arabia is expected to maintain its oil export volumes to China in June after a peak in shipments driven by increased production under the OPEC+ agreement.
At the New York Mercantile Exchange (NYMEX), the trading volume of Light Sweet Crude futures amounted to 838,756 contracts, down from 1,008,324 on Monday. Total open interest fell by 33,468 contracts to 2,003,154.
Analysts at Bank of America forecast that the average price for Brent crude in 2025 will be $65 per barrel, while WTI is expected to average $61 per barrel. This projection is based on a predicted increase in global oil demand of 1.1 million barrels per day, which will be offset by a 1.4 million barrels per day increase in supply from non-OPEC+ countries.
Wood Mackenzie forecasts that the average Brent crude price in 2025 will be $73 per barrel — $7 lower than in 2024. This anticipated decline is linked to OPEC+ plans to gradually increase oil production and the potential effects of US tariff policy.
Russia’s Central Bank expects oil prices to stabilize around $60 per barrel, citing a projected recovery in global demand resulting from eased trade restrictions and tariffs.
Earlier we wrote that Iran sends oil to China on reactivated tanker.