Bank of America expects Brent crude to hit $120 a barrel by the end of June 2022, according to Bloomberg.
A global energy crisis has sent prices for gas and coal soaring around the world, and this has turbocharged the recovery in benchmark London- and New York-traded oil futures, Bank of America Corp. analysts including Francisco Blanch wrote in a note.
Several oil traders have said $100 crude is fast approaching as demand outstrips supply and a climate-inspired slowdown in investment in new sources threatens to allow reserves to wither.
A surge in gasoline demand along with a rebound in middle distillates - think diesel and jet fuel - coupled with refining-capacity constraints could accelerate the rally into 2022, the analysts wrote.
