Brent's July oil futures closed at $77.47, up 0.26 or 0.3%, and the day saw a high of $78, the highest since November 2014.
New York’s June oil futures rose by 0.22 US dollars or 0.3%, quoted at 71.36 US dollars.
Bank of America stated that Brent crude oil futures may return to 100 US Dollars per barrel next year as Venezuela’s output continues to be blocked and Iran’s crude oil exports are at risk. The bank also raised the forecast of the average price of Brent crude oil futures this year to 70 US dollars and the estimated increase to 75 US dollars next year.
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