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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.