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The Brent oil price has started 2018 at just under $68 a barrel. But oil sector expert, Malcolm Graham-Wood, is expecting it to ease in the near term and then recover to $65 in June, and then to $70 in December.
What’s been driving the oil price?
Last summer, Graham-Wood had a target oil price of $60 a barrel for Brent crude by the end of 2017. He felt that if the pact agreed in December 2016 between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, particularly Russia, held and no-one cheated, enough crude oil would be taken off the market for his year-end target to be achieved.