BofA: Oil Could Top $150 If Russian Oil Shrinks
LONDON (Reuters) -- Global oil benchmark Brent crude could rise past $150 a barrel if there is a sharp contraction in Russian oil exports, Bank of America (BofA) Global Research said on Friday.
Oil prices surged after Russian’s “special operation” in Ukraine, and are currently just below the $120 a barrel level. “With our $120/bbl Brent target now in sight, we believe that a sharp contraction in Russian oil exports could .... push Brent well past $150/bbl,” the bank said in a research note.