Brent crude futures rose almost 1% to $55.6 a barrel on Monday, extending a nearly 8% gain in January and recovering from three sessions of losses, boosted by output cuts by major producers. Saudi Arabia's voluntary 1 million barrel per day production cuts came into effect on February 1st and Russia reportedly plans to cut its crude exports by almost 20% to a three-month low this month while Iraq also pledged to cut production to compensate for its overproduction last year. Still, gains were limited by a surge in coronavirus infections and a slower-than-expected vaccine rollout in the US and Europe.
Historically, Brent crude oil reached an all time high of 147.50 in July of 2008. Brent crude oil - data, forecasts, historical chart - was last updated on February of 2021.
Brent crude oil is expected to trade at 52.77 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 45.66 in 12 months time.