Bank of America believes oil could surpass $ 100 before this cycle unfolds

Bank of America believes oil could surpass $ 100 before this cycle unfolds


The sun is seen behind a crude oil pump jack in the Permian Basin of Loving County, Texas.

Biting Angus | Reuters

Oil prices have risen by around 80% in the past year amid rebounding demand and record production declines from producers, and Bank of America says the rally do not slow down soon.

The company said Friday that the oil price would climb to $ 100 a barrel “before this story unfolds.” The bullish outlook for Bank of America underlies the acceleration in demand and the “risk that a supply / demand imbalance will quickly move into a tighter market.”

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