Crude futures edged higher June 22 as the market weighed a tightening global supply picture against uncertain demand outlooks amid a spike in COVID-19 cases around the world. NYMEX July WTI settled 71 cents higher at $40.46/b and ICE August Brent settled up 89 cents at $43.08/b. Front-month WTI last settled above $40/b on March 6. BofA Securities has raised its oil price forecast for the next two years on signs of faster-than-expected global oil demand recovery, massive industry spending cuts and strong OPEC+ adherence to curbing crude supplies. Brent crude will likely average $43.70/b this year, up $6.70 from a previous forecast on March 8, BofA Global Research said in a […]