Brent oil price July 5 exceeded $ 77 per barrel for the first time since October 30, 2018. At the time of writing the material, the cost of the September futures was $ 77.04 per barrel, the data of the London Exchange ICE.
Thus, oil beat a new record, which became another in recent weeks. June 23, the price rose to the level above $ 76, also the maximum for several years.
Specialists do not exclude that the cost of Brent variety may increase and up to $ 100 per barrel next year. This is due to the restoration of demand after the pandemic.
Future price fluctuations will also depend on the decision of OPEC +, which should now reach agreement on increasing production. At the same time, if the transaction fully fails, the industry can wait for price wars that will lead to cheaper oil.