Another Major Bank Turns Bullish On Oil

Bank of America (BofA) Global Research has revised its average WTI Crude price forecast to US$39.70 a barrel this year, up from a previous projection of US$32 on the back of stronger demand recovery and OPEC+ withholding more supply from the market than initially thought. BofA forecasts that the U.S. benchmark will average US$47 a barrel in 2021 and US$50 in 2022 in a note carried by Reuters. Bank of America expects Brent Crude prices to average US$43.70 per barrel this year, up from its previous forecast of US$37 per barrel. Brent Crude…