They expect Brent to touch close to $78 per barrel in Q1 or early Q2 2018

Despite the jump in US rig counts last week, oil prices are still holding up rather nicely to start the week. Brent is trading at $70.49 while WTI is at $66.39 on the day - little change from last week.

There's been a lot of talk lately about oil and how it may be oversupplied and how net longs have reached a record, but it's done little to derail the recent rally - and that's giving reason for analysts to bump up their forecasts on oil.

JP Morgan says they expect a higher oil price in the first or early second quarter of the year mainly due to OPEC withholding supplies, but they do expect prices to fall in the second half of the year as markets "become flush with oil from US shale and other unconventional oils".

If you need a handle on what other factors could drive prices in the oil market at the moment, you can check out this post here from two weeks ago.

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