Probis Securities expects Brent contract target to be at $60 per barrel, said Jonathan Barratt, chief information officer of the company.

“I do see few things on the horizon which will probably see supply tightness there. We do have an issue in production capacity around the world and if we have some more disruptions there then I think we will see a squeeze. However, when I look at the prices, when I look at WTI and look at Brent, I think prices can actually move higher from here. I can see $60 per barrel as a target for the Brent contract,” Barratt said.

“There is lot of liquidity in the market due to Christmas trading, I do sit more in the bull camp at the moment. I do think it on quite a way to the downside and I think we are soft low in place for the commodity," added Barratt.

“If everything goes the way we think; the economies will grow, the macro picture stays the same and more importantly if we get good confidence out of the recent rally we are having in the equity markets, then that should flow through recently good demand. So I think the situation in India- it is not a bad time to actually put a hedge in place because I feel that we will get a lot of volatility, but if we do get a dip then it is not a bad time to actually buy," he further mentioned.