Bank of America see WTI at 120.00
FP/wire say Suncor, rivals see oil make robust gains
2022-01-24 08:01 ET - In the News
Also In the News (C-CNQ) Canadian Natural Resources Ltd
Also In the News (C-CVE) Cenovus Energy Inc
Also In the News (C-IMO) Imperial Oil Ltd
The Financial Post reports in its Saturday, Jan. 22, edition that oil capped its fifth week of gains on continued signs of robust demand and strained crude supplies, pushing prices to seven-year highs. A Bloomberg dispatch to the Post reports that futures in New York edged lower on Friday, just above $85 a barrel, but were still up 1.6 per cent for the week (all figures U.S.). Oil neared $88 earlier last week for its highest level since 2014 as geopolitical tensions threatened greater supply outages alongside strong demand numbers, despite the Omicron variant. As prices rise, Wall Street has been growing steadily more bullish. Morgan Stanley has joined Goldman Sachs in forecasting $100 oil later this year, and Bank of America reiterated that it expects oil to hit $120 a barrel by the summer. Citigroup cautioned that sticking to a bullish view could be dangerous after this quarter. The International Energy Agency said the oil market was looking tighter than previously thought, with demand proving resilient despite the rapid spread of Omicron. Additionally, U.S. demand is still running hot, with the total volume of oil products supplied to the market at the highest for this time of year in at least 30 years.