Oil May Hit $100 a Barrel Next Year on Demand Rebound, BofA Says
- Pent-up desire for travel after lockdown to boost consumption
- Environmental concerns will limit investment in new oil supply
This article is for subscribers only.
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.
Global oil consumption will continue to outstrip supply in 2022 as the economic recovery from the pandemic boosts fuel consumption, while investment in new production is crimped by environmental concerns, the bank said in a report.