WTI crude oil prices surged 3.7% to $66.2 per barrel on Friday and hit the highest levels in over a year, as OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Following the decision, Goldman Sachs raised its Brent crude price forecast by $5 to $75 a barrel in the second quarter and $80 a barrel in the third quarter of 2020, with UBS also lifting its own forecasts too. During the session, Brent prices surged more than 4% to $69.5 a barrel. During the week, oil prices gained around 9%.
Historically, Crude oil reached an all time high of 147.27 in July of 2008. Crude oil - data, forecasts, historical chart - was last updated on March of 2021.
Crude oil is expected to trade at 63.01 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 54.19 in 12 months time.