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.

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.

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