Brent crude falls to $71.87 per barrel amid ceasefire bets and supply outlook
Brent crude price slipped to $71.87 a barrel, with markets anticipating a 60‑day ceasefire extension and partial reopening of the Strait of Hormuz. Analysts project a year‑end price range of $70‑75 per barrel if Middle Eastern supplies resume quickly. India’s high import dependence and global oil surplus were also noted.
Brent crude fell 0.15% to $71.87 a barrel as of 8:07 a.m. EDT, according to almonitor. Earlier in the session it dropped as low as $71.09, the lowest level since before the US‑Israel‑Iran war began on Feb. 28, almonitor reported. Bluesky said Brent is expected to post its largest weekly loss in two months, falling by almost 10%, and noted that markets are betting on a 60‑day ceasefire extension and a partial reopening of the Strait of Hormuz.
Maria Belova said a reasonable target range for Brent through the end of the year would be $70‑75 per barrel if Middle Eastern oil supplies return quickly, tass reported. The price of Brent slipped to nearly $83 per barrel on Monday, according to the Times of India.
India imports nearly 88% of its crude oil requirement, the Times of India noted. Indian refiners' procurement price was $86.77 per barrel on Friday, the same outlet reported.
Global oil surplus conditions reached 2.1 million barrels per day, up from the 2024 average surplus of 0.8 million barrels per day, discoveryalert.com.au reported. OECD inventory levels currently provide 95 days of coverage, compared with the 2024 average of 88 days, discoveryalert.com.au added.
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