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BofAML expects the price growth for Brent oil to $47 per barrel by mid-year

BofAML надеется на рост цены на нефть Brent до $47 за баррель к середине года

American Bank of America Merrill Lynch (BofAML) predicts that the price of North sea petroleum mix of mark Brent benchmark by the middle of 2016 could reach $47 per barrel.

As was expected the Bank to bring the growth of demand in the market of “black gold”, which this year will continue, according to PRIME.

In January BofAML has changed its forecast of the average cost of Brent oil in 2016 to $46 per barrel from the previously expected $50 per barrel, without excluding further peak to below $30 per barrel. The Bank noted that the period of low oil prices may last for quite a long time, marking the main reason for the stronger dollar, which makes oil more expensive for holders of other currencies.

Meanwhile during today’s trading world prices for “black gold” steadily increasing in the range of 3-4% amid optimism about the U.S. economy, one of the world’s largest oil consumers caused by comments of the head of the us Central Bank (the fed) Janet Yellen.

As of 13:34 GMT the cost of the June futures for North sea petroleum mix of mark Brent jumped on 3,55%, to $40,83 per barrel, the may futures for WTI — by 3.78 per cent to $38,67 per barrel.

During his speech Friday, Yellen noted that the U.S. economy continues to steadily grow, including improving the labor market of the country. Earlier this year, concerns about the state of the U.S. economy contributed to a significant decline in oil prices.

“Yesterday’s Yellen’s speech strengthened the market optimism about the U.S. economy,” said oil analyst with Global Risk Management Michael Poulsen.

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