Crude prices may return to levels unseen since 2014 and hit $100 per barrel over the next few years, Bank of America analysts predict. The bullish bet comes as oil prices continue rising from coronavirus lows.
The price spike could come thanks to improving fundamentals for the commodity and global stimulus measures, the bank said as cited by Bloomberg. Additionally, Bank of America (BofA) earlier revised its 2021 outlook for oil, forecasting that global benchmark Brent may temporarily hit $70 a barrel in the second quarter of the year. The average price for Brent crude is expected to settle at $60 per barrel, the bank said, raising its previous estimate by $10.
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