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

Started by forex4you, Sep 14, 2023, 06:31 am

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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"

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