According to the analysts, prices have been climbing steadily over the last few weeks from US$40 per barrel levels that were last seen in November 2020.
DBS Group Research analysts Suvro Sarkar, Ho Pei Hwa and Jason Sum have increased their Brent crude oil price forecast for 2021 to US$55 to US$60 ($72.98 to $79.62), as oil prices have gone off on a bullish start for the year.
Brent crude oil prices are currently close to US$56 per barrel as at Jan 22, having begun the year at US$52 per barrel.
