The price of Brent crude oil jumped to a maximum in a year and for the first time since February 20 of 2020, it exceeded $59 per barrel, according to the trade data.

During trading on Thursday, February 4, the cost of the April Brent futures increased to $59.04 per barrel. The price of the April futures contract for WTI crude oil rose to $56.26 per barrel.

Earlier in February, the Energy Information Administration of the US Department of Energy (EIA) released an annual forecast for oil prices. The most optimistic scenario demonstrates incredible growth in raw materials. By 2050, the price of Brent will rise to $173 per barrel, which is much higher of its historical record. In the base case, the EIA predicted $95, while the low cost scenario forecasts prices around $48 per barrel.