BofA Sees Summer Oil Price Peak at $95 Per Barrel

With Brent crude oil closing in on $90 per barrel on Wednesday, Bank of America energy analysts have boosted their price forecast for this year to average $86 per barrel and peak this summer at $95 per barrel. Citing an improving global economic outlook and tightening inventories, Bank of America is sees Brent crude averaging $86 per barrel, up from its earlier forecast of $80, and the U.S. crude oil benchmark, West Texas Intermediate (WTI), averaging $81 per barrel, up from its previous forecast of $75 per barrel. The predicted summer peak of…