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Brent Crude Headed for $120 by End of June, BofA Says

  • Dramatic rise in demand for motor fuels pushing crude higher
  • Analysts describe a confluence of bullish market conditions
Photographer: Chris Ratcliffe/Bloomberg

Bank of America expects Brent crude to hit $120 a barrel by the end of June 2022.

A global energy crisis has sent prices for gas and coal soaring around the world, and this has turbocharged the recovery in benchmark London- and New York-traded oil futures, Bank of America Corp. analysts including Francisco Blanch wrote in a note.