Brent Crude Price Week Ahead: Bull and Bear Case From…
By Tobi Opeyemi Amure
AI summary of the source article
Brent crude's December contract finished the week up 2.4 percent at $104.72 a barrel, following a weekly range between $97.06 and $105.92. Prices rose sharply mid-week on speculation of US military action against Iran, before pulling back when strikes were ruled out prior to the midterms. However, an ongoing naval blockade and the shut-in of roughly 511,000 barrels per day in the Gulf of Mexico due to Storm Isaias established a price floor. Anticipating continued inventory deficits, the EIA raised its fourth-quarter Brent forecast to about $105 per barrel.
Why it matters
Crude oil volatility and supply constraints directly impact global energy costs and headline inflation metrics ahead of key US CPI releases.
Key facts
- Brent crude's December contract settled at $104.72 per barrel, posting a weekly range between $97.06 and $105.92.
- Storm Isaias shut in approximately 511,000 barrels a day of offshore output, about 25 percent of Gulf of Mexico production.
- The EIA raised its fourth-quarter Brent forecast to about $105 in its October Short-Term Energy Outlook.