Skip to content
Subscriber Only

Big Banks Wave Goodbye to Hopes for Year-End Oil Price Surge

  • Bank of America, Citi, Goldman, Societe Generale cut forecasts
  • OPEC’s strategy has backfired as U.S rivals benefit: Blanch
Video player cover image

Analyst Cusick Sees Stiff Resistance to Oil at $46

This was the week the oil-analyst community gave up hope.

From Bank of America Corp. to Citigroup Inc. and Societe Generale SA, banks that once predicted oil would end the year at $60 a barrel or higher now see prices barely managing $50. They place much of the blame on one target: OPEC.