Oil Hits 3 Year High As BofA Now Sees Spike To $100

[Anti Federalist]

Oil Hits 3 Year High As BofA Now Sees Spike To $100

https://www.zerohedge.com/commoditie...sees-spike-100

by Tyler Durden
Monday, Jun 21, 2021 - 01:12 PM

If last week the broader market was hammered with one big question mark over the viability of the reflation trade, someone forgot to tell oil with Brent today surging just shy of $75/bbl, the highest level since 2018 facilitated by the ongoing failure of the Iran nuclear talks to reach a deal (which is widely expected to boost global oil output), although bullish sentiment was also lifted by a series of sellside analyst calls for oil to rise anywhere from $80 to as high as $100 or more.

The first bullish call came from Citigroup, which said that Brent will touch $85/bbl before Q4 2021, with the bank's oil analyst and one-time OPEC advisor, Ed Morse, writing that "we now see Brent oil prices averaging in the high $70s for the rest of the year, with a high probability of touching $85 before subsiding with markets rebalancing." As a result, the bank raised its 2021 Brent price forecast by $4 to $72/bbl and its 2022 estimate by $8 to $67, while the London benchmark is seen averaging $77 in 3Q and $78 in 4Q this year, higher by $4 and $9 versus its previous forecast, respectively.

more at link

[oyarde]

Uh oh , 100 doll oil not going to be good for gas prices for the new inflation- govt funded economy .

[Snowball]

Cannot be justified --- if valid --- without preknowledge of war involving Iran.

[Brian4Liberty]

Seems like just yesterday when they had to pay people to take a barrel of oil...

[Madison320]

Cannot be justified --- if valid --- without preknowledge of war involving Iran.

All you needed was preknowledge of the fed's balance sheet.