"We have kept our target for Brent at $74-84 per barrel. We haven’t moved despite all the events that we have seen over the course of the last month and certainly this weekend," David Lennox of Fat Prophets.

Over the weekend, Organisation of the Petroleum Exporting Countries (OPEC) has struck a deal to increase oil production by one million barrels a day.

Expect a modest increase of 8-10 lakh barrels per day over coming months, said Lennox.

"We expect premium between Brent and West Texas Intermediate (WTI) to narrow," he added.

At this point in time Fat Prophets is not expecting any further action and the firm is only looking for demand to now start coming into the equation as OPEC is expecting and the company will see the prices just gradually moderate on the upside for a year, Lennox said