Brent crude fell for the fifth session on Wednesday, dipping below the $63 a barrel level, as traders brace for the OPEC+ meeting later this week. Major oil producers will meet to decide if they will ease supply curbs further after oil prices rose to over 13-month highs in February. Capping losses were prospects of a brighter economic outlook on the back of widening vaccination campaigns and more government spending.
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 March of 2021.
Brent crude oil is expected to trade at 59.89 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 51.82 in 12 months time.