U.S. oil companies and refiners are likely to face another challenging 12 months in 2024, Bank of America (BofA) analysts wrote in a note on Friday, who expect Brent crude to average $80 per barrel this year.
Crude futures lost over 10% in 2023 in a tumultuous year of trading marked by geopolitical turmoil and concerns about the oil output levels of major producers around the world.
“We expect oil to remain volatile, exacerbated by outsize paper market influence, informed by geopolitics and OPEC policy,” BofA wrote in the note.
