Bank of America raised its forecast for the price of oil in the year 2020, indicating the risks related to
oil supplies from the Middle East, improving demand expectations and increasing Saudi OPEC compliance to deepen production cuts.
Economists at the bank said in a note in which he stated that the bank raised its average forecast for the price of Brent crude in the current year
to 62 dollars per barrel from sixty dollars, and the bank expected the price of West Texas Intermediate crude to 57 dollars from 54 dollars.
The bank’s analysts believe that global demand will grow by 1.1 million barrels per day during the year 2020, while its forecasts for supply and demand go to a
However, the bank maintained it's expected price for Brent by the end of the second quarter of this year at seventy, dollars a barrel, thanks to the improvement in
the macroeconomic situation and the fact that many manufacturers resorted to a restocking.