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Bank of America Eyes Oil at $70 in 2019

Bank of America Eyes Oil at $70 in 2019

Bank of America Merrill Lynch (BAC) expects Brent crude oil to average ~$70 per barrel in 2019, according to a CNBC report. The OPEC and non-OPEC agreement to cut 1.2 MMbpd (million barrels per day) of oil from the October production level in 2019 would be the key driver for US crude oil prices going forward.