A higher oil price forecast into year-end from analysts at Bank of America, this in summary.

BoA bottom line is:

  • Should OPEC+ maintain the ongoing supply cuts through year-end against Asia's positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024

Analysts point to Asia:

  • heavy Chinese transportation-sector consumption
  • China petroleum fuel export quotas low
  • China has continued to build oil inventories, sign of robust domestic demand
  • Asian product markets relatively tight
weekly brent oil price chart 14 September 2023