Will oil reach US$100 a barrel by the end of the year? Who would have thought it after the prices seen in 2020 - with forward prices going negative just 18 months ago due to the storage crisis - but Goldman Sachs believes it could reach US$90 a barrel and Bank of America does not rule out reaching the US$100 barrier. In any case, Brent oil occasionally reached US$80 a barrel at the end of September.

What happened? A combination of a strong increase in demand - due to the economic recovery and climate problems - and restrictions on supply, due to logistical problems and OPEC+ production quotas. And it is not just oil. The price of natural gas is also climbing sharply and promises to create turbulence and more inflation.

The outlook is for oil and gas demand to continue to grow, but on an up-and-down path, especially as we enter the northern winter. However, industry experts expect that, in the case of oil, global consumption will return to pre-pandemic levels by the second half of 2022.

Chart: oil price (Brent, US$ per barrel)