At the same time, Barclays raises their 2018, 2019 average oil price forecasts

  • Brent prices seen averaging $63 in 2018, $60 in 2019
  • Previous forecast was for $60 in 2018, $57 in 2019
  • Raises Q2 Brent forecast to $68 from $62

However, they mention that there is a high likelihood of a downward correction in prices during the second-half of this year.

Oil has had a strong breakout in yesterday's trading following escalated tensions in the Middle East (Syria and Saudi Arabia). Brent is now trading at $72.29, up by 0.32% on the day.