Societe Generale raised its price forecasts for crude on expectations of a rebalancing of the global oil market spurred by an imminent decline in U.S. production.
The bank increased its 2015 average Brent price forecast by $4.33 to $59.54 per barrel and its WTI forecast by $4.28 to $53.62 per barrel.
Crude production in the U.S. has reached a "plateau" and is expected to decline soon, in May, the bank said in a note released on Thursday.
"More broadly, because the global rebalancing will take place on the back of U.S. shale oil, it means that the process is finally getting underway and that the markets are responding to the low price environment."
The bank left its 2016-2019 oil price forecasts unchanged.
Crude prices on both sides of the Atlantic have surged almost $10 a barrel this month amid rising tension in the Middle East, while slowing U.S. production growth and signs of stronger global demand have also provided support.
