Barclays raises Q1 2018 Brent price forecast by $5 per barrel to $56 - Reuters

According to a Reuters report, Barclays has raised its Q1 2018 Brent oil price forecast by $5 to $56 as inventory draws will likely cause the market to refocus on geopolitical risks and low levels of spare capacity.

By the end of the year, Barclays said it expected Brent to have averaged around $53/barrel.

Despite this, Barclays said oil could dip again in 2018, with Q2 2018 Brent to fall back to $48 a barrel, thanks largely to rising global output.