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Brent set for volatile trading as Hormuz talks remain unresolved
Commerzbank has cut its year-end Brent forecast to $75 a barrel from $80 previously, citing tighter inventories and uncertainty around a Strait of Hormuz agreement.
FXStreet cited Commerzbank analysis saying Brent prices are likely to stay volatile while negotiations around the Strait of Hormuz remain unresolved and inventories are tightening.
Commerzbank’s Carsten Fritsch expects near-term support from energy agency reports, but projects that Brent could fall sharply if an agreement emerges later this year.
Fritsch lowered the bank’s year-end Brent forecast to $75 per barrel from $80 previously, warning that price fluctuations on the oil market may persist until a final deal is reached.
Latest closeBrent $83.46