Brent has been trading above $51 a barrel in the third week of December, a level not seen since early March and is poised for a seventh weekly advance, as signs of progress in US stimulus talks and post-Brexit trade deal negotiations, alongside the rollout of COVID-19 vaccines raised hopes of a quicker recovery in fuel demand. Supporting prices further was EIA data showing a larger-than-expected draw in US crude inventories, while a weaker dollar made the commodity cheaper for buyers holding other currencies. However, rising coronavirus infections and tough restrictions on travel clouded the near-term demand outlook.
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 December of 2020.
Brent crude oil is expected to trade at 49.82 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 43.10 in 12 months time.