- Analytics
- News and Tools
- Market News
- Brent Oil to average $140 in the second quarter amid shun of Russian oil – Wells Fargo
Brent Oil to average $140 in the second quarter amid shun of Russian oil – Wells Fargo
The Russian invasion of Ukraine has sent oil prices soaring. Even if the war comes to an end in the near-term, strategists at Wells Fargo believe the West will continue to shun purchases of Russian oil for the foreseeable future. Consequently, they forecast that oil prices will remain elevated in coming quarters.
West will continue to shun purchases of Russian oil for the foreseeable future
“Even if the conflict comes to an end in the near term, we think the West will continue to shun purchases of Russian oil for the foreseeable future.”
“We have lifted our oil price forecast significantly and now look for the price of Brent Oil, a global benchmark, to average $140 per barrel in Q2-2022.”
“We forecast that the price will slowly recede in following quarters due to the combination of demand destruction from higher prices and a ramp-up in supply from other major oil-producing countries, including the United States.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
