Brent crude futures extended previous sessions gains to trade around $45.6 a barrel, its highest level March 6th helped by a weaker dollar, prospects of a fresh stimulus in the US and reports of a drop in US crude inventories from both EIA and API. Latest EIA figures showed US crude inventories fell by 7.373 million barrels last week, in line with data API data released on Tuesday which showed a decline of 8.587 million barrels. Putting a lid on prices were worries about fuel demand recovery as the number of COVID-19 infections continue to rise.
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 August of 2020.
Brent crude oil is expected to trade at 43.19 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 37.37 in 12 months time.