| With concerns on China’s growth, expectation of rising Iranian oil production, and persistent dollar strength, Bank of America-Merrill Lynch has announced a cut in its Brent oil price forecast from $60-80 per barrel to $55-70 per barrel.
“But, we expect prices to rebound into the year-end, driven by an accelerating decline in non-Organization of the Petroleum Exporting Countries (OPEC) production led by the US, a temporary pickup in Chinese demand on monetary stimulus and seasonally strong global demand,” the body said. It added the OPEC could keep prices above $50 per barrel to fund their budgets...............................................Full Article: Source
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