Expect Brent crude to be rangebound between $60-72/bbl: XM Australia

XM Australia expects Brent crude to be rangebound between USD 60 per barrel up to USD 72 per bbl, Peter McGuire, CEO, told CNBC-TV18.

Crude prices have seen a big jump overnight. It is up over a dollar per barrel or 2 percent, rebounding on the back of optimism regarding global economic recovery.

“Brent is well priced at the moment. And from an inflation side, USD 73/bbl, maybe USD 75/bbl could be top dollar. I think it's going to be rangebound, that's high of USD 60/bbl up to USD 72/bbl, but it's hard to quantify because if you have geopolitical shocks, we saw that with Afghanistan, if you have issues as far as mother nature is concerned, especially with the hurricane season coming up, then there is a concern there. So it's going to be rangebound,” McGuire said.