BofA hikes 2021 Brent price view by $10/bbl on strong oil balances | Reuters
Bank of America (BofA) Global Research lifted its forecast for Brent crude oil prices for this year citing tighter supplies due to the Texas freeze and OPEC+ output curbs and unmatched global monetary stimulus, it said in a note dated Monday.
The bank now expects Brent crude oil to average $60 per barrel in 2021, up from a previous estimate of $50. BofA also forecasts West Texas Intermediate (WTI) crude prices to average $57 a barrel this year.
Brent prices could temporarily spike to $70 a barrel in the second quarter of the year, the bank’s analysts said in a note.
Brent crude was up 0.4% at $65.51 a barrel by 1313 GMT, and U.S. crude rose 0.5% to $62.00 a barrel.
Oil prices rose on Tuesday, helped by the likely easing of COVID-19 lockdowns globally, positive economic forecasts and lower output as U.S. supplies were slow to return after the deep freeze in Texas shut down crude production.
No comments:
Post a Comment