Brent price is expected to remain near current levels for the remainder of 2021, averaging US$71 per barrel during the fourth quarter of 2021, the Bank of Ghana’s Global Economic Developments & Ghana’s Balance of Payments Report has indicated.

However, Brent crude is presently hovering around $82 on the world market.

The report pointed out that Brent crude oil spot prices averaged $71 per barrel in August 2021, down US$4 per barrel from July 2021.

However, compared to the same time in 2020, crude oil has rallied by $25. Brent prices have risen over the past year as result of steady draws on global oil inventories mainly due to increase mobility.

“The effects of the Covid-19 pandemic especially the new Delta variants continue to cast some uncertainty, though market fundamentals have strengthened,” the report stated.

“The production decisions of OPEC+ given an evolving demand outlook will also be a key price driver in the coming months”, it stressed.

International benchmark Brent crude oil prices posted some losses in August 2021, but has since rallied. Investors expressed worry about the outlook for fuel demand as Covid-19 cases surged worldwide causing Brent crude oil prices to decline by 5.1% from the previous month and settled at $70.5 per barrel.

This notwithstanding, Brent crude prices have risen by 56.5% this year resulting from increasing demand after the easing of lock downs and restrictions on movement caused by the Covid 19 pandemic.