WTI Pares Losses to Gain; BofA Sees Brent Cap at $140 This Year
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West Texas Intermediate rebounded after its biggest daily decline in two weeks, while Brent was little changed. The North Sea crude may be capped at $140 a barrel this year, according to Bank of America Merrill Lynch.
Futures gained 0.1 percent after losing as much as 0.6 percent earlier today following a 1.5 percent drop on Feb. 15, the largest decrease since Feb. 4. Floor trading in New York was closed yesterday because of a holiday in the U.S. Brent will trade in a range of $100 to $130 a barrel through to 2015, according to Francisco Blanch, head of commodities research at Bank of America Merrill Lynch. A technical indicator signaled price declines may accelerate.