Stock market look: Bank of America again cuts oil price estimates

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(ABM FN-Dow Jones) Bank of America has further revised its outlook for the oil price in 2020 and 2021. This was revealed on Monday from a report by the American investment bank.

A barrel of Brent will average $ 37 in 2020 and $ 45 in 2021, according to the bank, while a barrel of West Texas Intermediate will cost $ 32 and $ 42 respectively.

These declines, according to Bank of America, are driven by the price war that Russia and Saudi Arabia are currently fighting, as well as by declining demand as a result of the corona outbreak.

In the coming weeks, Bank of America even expects the oil price to drop below $ 20 a barrel.

Due to these lower prices, many parties are storing their oil, which, according to the bank’s analysts, will lead to a major shortage of storage space before the summer starts.

Oil was under pressure on Monday. A May future West Texas Intermediate fell 6.5 percent to $ 20.12, while a June future Brent fell 6.3 percent at $ 26.19.

ABMFNABM Financial News; [email protected]; Editors: +31 (0) 20 26 28 999.

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