The price of oil by the end of the third quarter is likely to be $110/bbl. – Sber CIB

Brent    oil chart at intervals of 1 day

The price of oil by the end of the third quarter is likely to be $110 per barrel of Brent, Sber CIB experts wrote on Monday. According to Sber CIB’s base case, OPEC+ members will announce an increase in production at a meeting on August 3. Taking into account the increase in production in the United States, the situation on the market will gradually become more balanced. According to analysts, oil prices below $110 per barrel will be justified by the end of the third quarter. However, due to the increase in production, oil companies will have almost no free capacity, which could lead to increased volatility in the fourth quarter.