Bank of America (BofA) Global Research raised its outlook for Brent crude prices for 2021 Brent prices could rise to as much as $70 a barrel in Q2, BofA analysts write in a note Brent crude oil price is up 23% in February to hit a 13-month high Brent crude oil prices have soared 23% in February to hit the highest levels since January last year. Fundamental analysis: BofA raises outlook Bank of America (BofA) Global Research raised its outlook for Brent crude prices for 2021 on the back of decreased supplies as a result of Texas freeze and OPEC+ production cuts, as well as the unprecedented monetary stimulus from global central banks.