Analysis: Unusual stability recorded in oil prices in January

Oil prices dipped a little but were unusually stable in January as the market waited to see whether OPEC would comply with its deal to cut output, said the analysts.

"The latest survey data suggest that compliance is good. But production in Libya and Iran, which are allowed to increase output, is still growing,” said the Capital Economics report.

The analysts of the consulting company expect the price of Brent crude oil to stand at $53 per barrel in the first quarter of 2017 and $55 per barrel in the second quarter of 2017, respectively.

This is while the Brent crude oil prices will reach $58 per barrel and $60 per barrel in the third and fourth quarters of 2017, respectively and rise to $62 per barrel in the first quarter of 2018, according to Capital Economics.

The consulting company expects the same figures for West Texas Intermediate (WTI) oil as well.