Bank of America said it may advance its $100 oil price target to the next six months instead of mid-2022 if the winter is colder than usual. Which may lead to an increase in demand and an expansion of supply.
The bank explained in a note, according to Reuters, that a much colder than usual winter could increase global oil demand by one to two million barrels per day, With supply shortages easily exceeding the 2 million bpd level in such a scenario.
This and the US bank fixed its forecast for the price of Brent crude for the second half of this year to $ 70 a barrel, with the price moving in a narrow range, but it expects the price of Brent at $ 75 barrel by the end of the year.
Bank analysts clarified in the note: We expect a modest deficit over the coming months that will support oil prices through the end of the year and beyond.
For its part, OPEC said in its monthly oil market report issued on Monday, that commercial oil stocks in the United States fell by 23.8 million barrels to 1.244 billion barrels over the past year. Monthly basis during August.
These levels are 193.8 million barrels lower than the average recorded during the same month of 2020, and 85 million barrels less than the average of the past five years.
