- Middle East
- Full Speeches
- The Biggest Crime
- Martyr Leaders
BofA: Brent Crude Headed for $120 by End of June
By Staff, Bloomberg
Bank of America expects Brent crude to hit $120 a barrel by the end of June 2022.
A global energy crisis has sent prices for gas and coal soaring around the world, and this has turbocharged the recovery in benchmark London- and New York-traded oil futures, Bank of America Corp. analysts including Francisco Blanch wrote in a note.
Several oil traders have said $100 crude is fast approaching as demand outstrips supply and a climate-inspired slowdown in investment in new sources threatens to allow reserves to wither. A surge in gasoline demand along with a rebound in middle distillates – think diesel and jet fuel – coupled with refining-capacity constraints could accelerate the rally into 2022, the analysts wrote.
- Related News