Oil at $100 Is a Possibility Next Year, Bank of America Says
- Brent set to reach $90 in second quarter of 2019, BofA says
- Prices could surge higher as U.S. imposes sanctions on Iran
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Oil prices could rally to $100 a barrel next year, a level not seen since 2014, as supply risks in Venezuela and Iran strain global markets, according to Bank of America Corp.
Brent futures, trading near $77 on Thursday, are set to reach $90 in the second quarter of 2019 as world inventories shrink, the bank said. As that view hinges on OPEC reviving output and a limited impact on Iran from U.S. sanctions, prices could go even higher, it said, becoming the first Wall Street bank to suggest a return to $100.