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Brent could climb to $70/bbl

Bullish sentiment continued to drive oil prices up to new YTD highs on Wednesday, February 17, with Brent surging 1.9% to $64.04/bbl, and WTI advancing 2.5% to $61.54/bbl.

Saudi Arabia intends to announce at the March meeting of OPEC+ an increase in production due to growing oil demand mainly as a result of frigid February weather, according to US media. However, the Saudis do not intend to ramp up output in any case, but only if market conditions do not deteriorate by March.

Oil prices are currently trading at levels seen at the pre-crisis level around the end of December 2019-early January 2020. If Brent breaks out of the $65/bbl mark this could mean that the almost 12-month long crisis oil market has come to an end, thus encouraging the bulls to push up the price to $70/bbl. Our Brent forecast for today is in the range of $ 63-64/bbl.

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