Bank Of America Sees $60 Oil Next Summer

Brent crude could hit $60 a barrel by next summer as travel restrictions get eased, Bank of America said, citing growing optimism around Covid-19 vaccines. The easing of restrictions will lead to a boost in oil demand, the bank said, as quoted by Bloomberg, and this will boost prices as it creates a deficit of 1.6 million bpd by mid-2021. Vaccine optimism has already pushed oil prices to the highest in eight months despite warnings that it is too early to buy into the vaccine hype, which has this month alone spurred a 25-percent jump in oil prices,…