Bank of America has increased its average WTI crude price forecast by $7.70, adding to a trend of increasingly bullish forecasts. The forecast was altered due to stronger-than-expected demand recovery, the OPEC+ pact and curtailments across the industry Downside risks still remain, with high oil prices threatening to bring more supply online and a second-wave of COVID threatening demand. Bank of America (BofA) Global Research has revised its average WTI Crude price forecast to US$39.70 a barrel this year, up from a previous projection of US$32 on the back of stronger demand recovery and OPEC+ withholding more supply from the market than initially thought. BofA forecasts that the U.S. benchmark will average US$47 a barrel in 2021 and US$50 in 2022 in a note carried by Reuters. Bank of America expects Brent Crude prices to average US$43.70 per barrel this year, up from its previous forecast of US$37 per […]