Global oil benchmark Brent could rebound and quickly rise past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve’s monetary policy and a “successful” economic reopening by China, Bank of America Global Research said.
BofA forecasts Brent prices – trading at $75.95 a barrel on Monday morning – to average $100/bbl in 2023, driven also by a Chinese oil demand recovery on a post-COVID reopening and a drop in Russian supplies of about 1 million barrels per day against the backdrop of European Union sanctions.
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