Brent oil prices should trade between a relatively narrow range of $50 to $70 per barrel through 2024, with prices “anchored” around $60, according to a new report from Bank of America Merrill Lynch. This dovetails with the current futures prices five years out, centered around $60 per barrel. Prices will bounce around, but should remain within that $20-per-barrel range. But, of course, there are plenty of caveats with this outlook. A year ago the bank said that the risks to the forecast were skewed to the upside. Now, it believes that the downside risks are growing. U.S. shale supply continues to rise, expanding faster and by larger volumes over the past year than anticipated. Also, demand is slowing and expected to continue to decelerate. In the short run, BofAML sees Brent rising back to $70 per barrel. The combination of OPEC+ cuts, involuntary outages in Venezuela and Iran, […]