Bank of America (BofA) foresees that Brent crude oil prices to hit USD120/barrel by the end of June 2022.
Bank of America Corp. analysts noted that the benchmarks London and New York-traded oil futures’ recovery have been turbocharged by the global energy crisis that has sent coal and gas prices soaring globally.
Previously, some oil traders have predicted that USD100/barrel crude is quickly approaching as demand offsets supply and reserves have withered on the back of a climate-inspired slowdown in investment in new sources.
The prices rally could go through 2022 on account of the surge in gasoline demand along with a rebound in middle distillates along with refining-capacity constraints.
