Oil prices have risen more than 25% this quarter. ING economists expect Brent to break above $100 in the near term. However, they do not believe this movement is sustainable.
The recovery in oil prices is likely to continue, but it is not sustainable in the long term.
We expect oil prices to rise above $100 in the near term as supply cuts by OPEC+ countries more than offset lower demand due to the slowdown in the global economy.
However, we do not expect oil prices to remain above $100 for long, as weakening demand and political pressure to increase supply should help oil prices return to levels slightly above $90.
Source: Fx Street
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