Bank Of America Lowers Its Long-Term Oil Price Target To $70/bbl

Bank Of America Lowers Its Long-Term Oil Price Target To $70/bbl

Bank of America Merrill Lynch has lowered its long-term price target for Brent crude oil to $70 a barrel down from $80 a barrel previously. In a report published at the beginning of this week, the bank’s global oil and gas equity analysts explain why they have decided to make this change.

Oil Prices Could Be Headed To $100: Andy Hall

Bank Of America Lowers Its Long-Term Oil Price Target To $70/bbl

The main reason why Bank of America’s analysts have decided to lower their long-term Brent price target appears to be based on the industry cost deflation that has taken place over the past two years.

Bank of America’s entire thesis is based...