BoA on oil: OPEC+ cuts, Asia demand - "Brent prices could spike past $100/bbl"A higher oil price forecast into year-end from analysts at Bank of America, this in summary.
BoA bottom line is:
- Should OPEC+ maintain the ongoing supply cuts through year-end against Asia's positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024
Analysts point to Asia:
- heavy Chinese transportation-sector consumption
- China petroleum fuel export quotas low
- China has continued to build oil inventories, sign of robust domestic demand
- Asian product markets relatively tight
This article was written by Eamonn Sheridan at www.forexlive.com.
Source: BoA on oil: OPEC+ cuts, Asia demand - "Brent prices could spike past $100/bbl" (https://www.forexlive.com/news/boa-on-oil-opec-cuts-asia-demand-brent-prices-could-spike-past-100bbl-20230913/)
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