Multiple investment banks have raised their crude oil price forecasts for the year, indicating a delayed respite from high prices.
Bank of America analyst Paul Ciana pointed out in a note that West Texas Intermediate (WTI) oil has been trending bullish of late, suggesting that prices might move higher. WTI oil rose to $130 per barrel in March, after which it cooled down. However, prices are now rising, which indicates that oil now has momentum behind it, he said.
“Price has corrected and rounded out a bullish continuation pattern pointing to $140 a barrel this summer,” Ciana wrote, according to Business Insider.
Historically, prices have tended to move higher when WTI breaches $115 a barrel, the analyst stated, while noting that prices have been trading above this level since the beginning of June. WTI crude has risen by 61.50 percent year-to-date, as of June 9….