The oil market is in the final phase of the growth cycle

Analysts believe that the oil market is currently in the final phase of its growth cycle, and prices may soon peak.

Norbert Rücker, head of the Next Generation forward-looking research department of the Swiss bank Julius Baer, ​​believes that by mid-year oil prices will move significantly above the $70 per barrel mark. And this will be the maximum level from which a long-term correction is likely.

At the moment, Brent oil quotes are trading slightly above the $70 level. On Tuesday, the price even reached $71.94 a barrel for the first time since March 8.

Experts believe that the rise in prices was promoted by positive dynamics in demand and likely delays in nuclear negotiations with Iran. Additional support to the market was provided by the results of the OPEC+ meeting, according to which it was decided to continue easing restrictions on oil production in July.