Brent crude hit $75 per barrel today up from last Tuesday’s minimum of $69 per barrel, as prices continue on an upward trend.
The trend comes as instability in the Middle East and the continued disruption of Libyan oil production could lead to even higher price spikes.
Analysts at Citi have predicted that the OPEC’s reent decision to delay tapering in oil production cuts will also offer support from Brent prices in the $70-$75 per barrel range.
Citi has warned of a price downturn in 2025 which could see prices al low as $60 per barrel due to production surpluses.
By Staff
