American bank giant Bank of America Corp. (BOFA) raised the price forecast of the Brent oil price to $ 120 per barrel in the middle of 2022, reports Bloomberg with reference to Bofa.
“Bank of America expects that by the end of June 2022, the price of oil Brent will grow to $ 120 per barrel,” the agency reports.
Bank notes that the global energy crisis has led to a sharp increase in gas and coal prices all over the world, which accelerated the restoration of prices of reference oil futures traded on stock exchanges in London and New York, until the previous high values.
In addition, according to Bloomberg, Bofa explains that the growth of gasoline demand along with diesel and aviation fuels in combination with the limitations of processing capacity may additionally accelerate the increase in oil prices in 2022.
Bank of America Corp. Founded in 1904, this Multidisciplinary Financial Institute is included in the so-called “big four” banks of the United States together with the main competitors – Citigroup, JP Morgan Chase and Wells Fargo.