OPEC+ cuts, supply disruptions and an easing of trade tensions between the U.S. and China has boosted crude oil to a three-month high. Bank of America Merrill Lynch says that Brent will likely trade between $50 and $70 per barrel over the next five years. – The bank says that prices will be “anchored” around $60, and that rising U.S. shale supply and OPEC’s willingness to back out production will keep volatility in check. – However, the bank also said that a global economic slowdown would throw this forecast out of the window. Some worrying economic data in China presents one of the largest downside risks to the oil market. Market Movers • Occidental Petroleum (NYSE: OXY) was downgraded two notches by Barclays, from Overweight to Underweight, with a $70 price target. Barclays says the company’s […]