The price of Brent crude oil, a key reference for Angolan exports, increased by over 0.60% on Monday, starting the week on a positive note in the commodity markets.
Brent crude averaged $83 per barrel, significantly higher than Angola’s 2024 budget reference price of $65. This increase, if sustained, could positively impact the country’s revenue from oil exports.
Angolan oil specialist website PetroAngola.com and international site Investing.com both report a positive outlook for crude oil prices in the coming months.
Analysts note that oil prices rebounded on Monday after moderate losses the previous week, driven by mixed Chinese inflation data and anticipation of key US inflation reports later in the week.
Despite the positive start, current prices around $80 per barrel are still below the peak of $91 reached in April, the highest in the last 100 days.
Projections suggest that Brent crude could reach $100 per barrel this year, with the possibility of hitting this mark by the end of the current semester.
