Bank of America raised its forecast for 2024 for both WTI to 81 dollars, and also Brent to 86 dollars.
The bank also expects prices to peak in the summer and WTI crude to reach about 95 dollars, and Brent also crosses the 100-dollar barrier.
The bank noted that the improvement in demand was enough to create a deficit in the second and third quarters of 2024, and they estimate this deficit at about 450 thousand barrels per day.
Bank of America is the second bank to raise its oil forecasts, as JPMorgan said last week that Russia's decision to reduce production could lead to a rise in Brent crude to 100 dollars by next September.
It is worth noting that on Tuesday, a Ukrainian drone targeted one of the largest refineries in Russia, which helped further oil prices rise this week.
