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Bank of America predicts that oil prices may soar to $95 per barrel
Bank of America (BofA) Global Research raised its 2024 Brent crude oil and West Texas Intermediate crude oil price forecasts on Wednesday (April 3), mainly due to escalating geopolitical tensions and OPEC+ oil producers maintaining supply constraints. Brent and West Texas Intermediate crude are expected to average $86 per barrel and $81 per barrel respectively this year, while both are expected to peak around $95 a barrel in the summer, the bank said.