Brent crude futures went down more than 2% to trade around $47.1 a barrel on Monday, ahead two-day OPEC+ meeting where members will decide whether to extend large output cuts to balance global markets. At the same time, investors remain worried about near term fuel demand as the number of global coronavirus infections continue to rise. Still, for the month the Brent crude is on track for an increase of over 25%, its biggest gain since May, boosted by hopes that a coronavirus vaccine will be rolled out soon, a possible delay in OPEC+’s planned production increase in January and the formal start of Joe Biden’s transition.
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 November of 2020.
Brent crude oil is expected to trade at 44.79 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 38.75 in 12 months time.