Analysts at Bank of America had expected Brent oil to average $100 a barrel next year and peak at $110 a barrel in the second half of the year.

The price, in their opinion, will reach a peak of $110 per barrel in the second half of the year.

The bank’s report said: “Sanctions against Russia, low oil inventories, the openness of the Chinese economy and OPEC’s desire to cut production in the event of weak demand should support higher energy prices.”

And futures contracts for Brent oil for February traded on the London ICE Futures Exchange at $80.3 per barrel on Tuesday evening.

Source: Interfax

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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