Brent Crude gains 0.64%, trades at $84.5 per barrel

Brent crude futures gained 0.64% to $84.5 a barrel on Friday, hovering near its highest since October 2018 and heading for a 2.4% rise for the week, after Saudi Arabia dismissed calls for additional OPEC+ supply and the EIA said soaring natural gas prices could boost demand for oil among power generators.

Regarding the market outlook, Bank of America analysts forecast a supply deficit of roughly 1 million barrels a day, citing risks were skewed to the upside in the weeks ahead.

Meanwhile, Goldman Sachs forecast that Brent oil could hit $90 per barrel by the end of the year, as the oil market is in “the longest deficit we’ve seen in decades, and demand will continue to outstrip supply in winter”.

Source: Trading Economics