Saxo Bank predicts Brent at $68 by end-June

By the end of June, the price of Brent crude oil may reach $68 per barrel, Head of Commodity Strategy at Saxo Bank Ole Hansen said, Report informs referring to ngv.

He notes that in the second quarter of this year, the raw materials sector will grow.

Hansen believes that oil will rise in the coming months amid increased demand and containment of production as part of the OPEC+ deal. This strategy will be successful until global fuel demand recovers by 5.4 million barrels per day and supply growth in non-OPEC countries remains subdued at less than 1 million barrels per day.

As of 14:07 (GMT +4), the price of June futures for North Sea Brent crude oil blend decreased by 0.53 percent - to $63.83, May futures - by 0.45 percent, to $63.85 per barrel. The cost of May futures for WTI oil dropped by 0.51 percent - to $60.24 per barrel.