Bank of America: The price of oil will reach 100 dollars next year

According to the Fars International Economic Group, quoted by Reuters, the Bank of America (BofA) predicted that the global Brent oil index will rise again at a speed of 90 due to the mild and non-aggressive turn of the US Federal Reserve’s monetary policies and the successful reopening of China’s economy. Dollars per barrel will pass.

Recently, oil prices have been falling steadily due to fears that a weak global economy will reduce demand for fuel, and prices are on track to record a second quarterly decline.

But the Bank of America predicted that Brent oil, which had reached $75.95 per barrel in Monday’s trading, will rise due to improved demand for oil in China, after the easing of coronavirus restrictions and a reduction in Russian supply by about one million. A barrel per day due to EU sanctions will reach an average of 100 dollars per barrel next year.
In addition, the full implementation of the OPEC+ 2 million barrel production cut will also boost prices, the bank said in a research note.
However, the bank said: “Our forecasts for oil demand and prices in 2023 are highly dependent on strong demand growth in China and India, so any delay in the opening of Asia could affect the expected price path.” We influence.
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