{"id":379223,"date":"2024-01-07T09:27:18","date_gmt":"2024-01-07T04:27:18","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=379223"},"modified":"2024-01-07T09:27:18","modified_gmt":"2024-01-07T04:27:18","slug":"oil-to-remain-volatile-in-2024-says-bofa","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/oil-to-remain-volatile-in-2024-says-bofa\/","title":{"rendered":"Oil to remain volatile in 2024, says BofA"},"content":{"rendered":"<p>Washington: US 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. \u201cWe expect oil to remain volatile, exacerbated by outsize paper market influence, informed by geopolitics and OPEC policy,\u201d BofA wrote in the note. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, is currently cutting output by around 6 million barrels per day, representing about 6% of global supply. According to BofA, the bigger challenge for investors this year is to not underestimate Saudi\u2019s commitment to oil while acknowledging that Brent could remain in a notional $70-$90 band due to non-OPEC output and an uncertain demand outlook. The brokerage said absolute valuations for the sector, on average, are less compelling than at any time since Covid, following the strong recovery over the past three years. BofA, however, sees tailwinds from recent dealmaking in the largest U.S. shale field, the Permian basin. News Agency<br \/>\nIt sees Occidental Petroleum (OXY.N), Exxon Mobil (XOM.N) and Chevron (CVX.N) among the top picks for 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington: US 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-379223","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil to remain volatile in 2024, says BofA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/oil-to-remain-volatile-in-2024-says-bofa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil to remain volatile in 2024, says BofA\" \/>\n<meta property=\"og:description\" content=\"Washington: US 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. 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