A barrel of Brent oil, a reference to Angolan exports, was traded yesterday until around 5 pm in Angola, at the price of US$78.29.
Until that moment, the price represented an appreciation of 2.19 dollars, equivalent to 2.88 percent when compared to 76.1 dollars the day before.
As can be seen from the indicators on the Investing.com platform, Monday’s trading peaked at $78.58.
Over the past few days, oil prices have been steadily easing on fears that the weakening global economy will reduce fuel demand, putting prices on track for a second consecutive quarterly decline.
Research indicates that Brent prices – traded at the beginning of Monday at a level of USD 75.95 will reach an average of USD 100/bbl in 2023, also driven by the recovery of Chinese demand for oil in the post-Covid reopening and a drop in supply of around 1 million barrels per day (bpd) in the context of EU sanctions.
In addition, a production cut of two million barrels of oil day (bpd) from OPEC + will be fully implemented to support prices, as decided at the last meeting, held at the beginning of the month.
