Bank Of America Expects Fastest Oil Price Rise In 30 Years

Oil prices are set to rise by the fastest rate since the 1970s over the next three years, Bank of America said in a new report, joining the growing group of analysts forecasting a return of oil to three-digit territory. The average price of Brent over the next five years, however, will be between $50 and $70 per barrel, according to the bank, as quoted by The National. The bank also said OPEC+ might decide to reverse its production cuts now that Brent is trending above $60, but added that a slow return of U.S. shale to international markets might…