Bank of America (BofA) Global Research has raised its average West Texas Intermediate (WTI) price forecast to $39.780 per barrel from the previous estimate of $32. The price forecast for Brent has also been raised higher to $43.70 per barrel this year, up from its previous forecast of $37 per barrel.
The investment bank has cited stronger demand recovery and OPEC+ output cuts as reasons for the upward revision of the price forecast.
BofA’s long-term forecasts (Source: Reuters)
The US benchmark will average US$47 a barrel in 2021 and US$50 in 2022
Brent Crude to average US$50 and US$55 per barrel in 2021 and 2022, respectively.
Share
