Oil Market Update – Q3 2021: (Oil to $100?)

Brent oil prices averaged $74 per barrel (pb) during Q3 2021, up 7 percent quarter-on-quarter, and 71 percent over the same period last year. Brent oil’s rally has continued into Q4, with the benchmark rising a further 10 percent over September levels. Whilst some supply issues in the US Gulf have contributed to the uplift in prices over the last couple of months, the rally has mainly been a result of rising oil demand.