Bank of America Just Predicted $95 Oil. 3 Oil Stocks to Buy Now
Earlier this month, analysts at Bank of America (BofA) predicted that both Brent and West Texas Intermediate (WTI) crude oil prices could hit $95 a barrel this summer. While that likely wouldn't be good for your wallet due to higher prices at the pump, it could be good for your investment portfolio.
Overall, the investment bank raised its full-year average price prediction for Brent to $86 a barrel from a prior forecast of $80 a barrel. Meanwhile, it took its 2024 average WTI forecast from $75 a barrel to $81 a barrel.
BofA raised its oil price forecast for several reasons, including increased geopolitical tensions between Western nations and the oil-producing countries of Russia, Iran, and Venezuela. The bank also sees oil demand outstripping supply due to OPEC+ production cuts, slowing shale growth in the U.S., and a better global economic outlook.
Source Fool.com
