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    Brent Oil Hits $140 By May 2022

    Created by AlyssaStevens on {{qctrl.question.created_time | dateStr}}
    Community prediction hidden {{qctrl.cpHiddenPeriodDurationString()}}, to be revealed on {{qctrl.question.cp_hidden_period_ends_time | dateStr}} • The hidden period counts for {{qctrl.question.cp_hidden_weight_coverage | percent}} of total coverage • {{qctrl.remainingCoverage() | percent}} coverage remaining
    Published by AlyssaStevens on {{qctrl.question.publish_time | dateStr}}
    Ukraine Conflict

    Question

    “Brent crude, the global benchmark, added 8.5% to trade at $105.40 per barrel by 5:30 a.m. ET on Thursday. Brent last traded above $100 per barrel in 2014. US oil prices increased 8% to over $100 per barrel.

    “The Ukraine crisis adds another dimension to the OPEC+ coalition's fraught politics. The Russian economy is heavily dependent on revenue from oil and gas, and Moscow wants prices to remain elevated. Saudi Arabia — a major US ally — will now come under intense pressure from developed economies to increase output.”

    “A tight market and armed conflict in Europe is a potent combination. Oil prices could settle as high as $140 per barrel in a worst case scenario where energy flows are disrupted, according to analysts at Capital Economics.”

    Will Brent Crude Oil top $140/barrel before May 2022?

    This question resolves positively if the Brent Crude Oil Continuous Contract reaches or breached $140/barrel before May 1, 2022. Intra-day prices will count for resolution.

    Categories:
    Economy
    Geopolitics
    Ukraine

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