BoA on oil: OPEC+ cuts, Asia demand - "Brent prices could spike past $100/bbl"

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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"

forexlive.com