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

  1. #1

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

    Oil Hits 3 Year High As BofA Now Sees Spike To $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
    According to government's own numbers, over half a MILLION people are dead, just in the US alone, because of a man made virus designed to be even more deadly than what would be found in nature, released, possibly on purpose, from a Chinese lab, a virus that that was created from funding and prior research given to the Chinese scientists by our own government because we, in fit of sanity, pulled the plug on funding here.

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  3. #2
    Uh oh , 100 doll oil not going to be good for gas prices for the new inflation- govt funded economy .
    Do something Danke

  4. #3
    Cannot be justified --- if valid --- without preknowledge of war involving Iran.

  5. #4
    Seems like just yesterday when they had to pay people to take a barrel of oil...
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
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  6. #5
    Quote Originally Posted by Snowball View Post
    Cannot be justified --- if valid --- without preknowledge of war involving Iran.
    All you needed was preknowledge of the fed's balance sheet.

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