Oil market to drop into 1.6 million barrels a day deficit in 2021 – BofA

With the race of the coronavirus (COVID-19) flashing positive signs off-late, the Bank of America (BofA) eyes further recovery in the oil market conditions.

Additionally, the US bank expects a high for Brent oil near $60 for 2021 summers in the Northern hemisphere backed by easing travel restrictions to boost demand.

That said, WTI eases from the highest since early March while taking rounds to $44.85. The energy benchmark flashed the heaviest rise last two weeks the previous day amid market optimism over the US President-elect Joe Biden’s transition as the national leader.

Read: WTI eases from multi-day high to sub-$45.00 area on API stockpiles