FX.co ★ Bank of America: Oil prices may spike to $100

Bank of America reported oil prices could hit $100 per barrel soon. Bloomberg noted that such a hike in price has not been recorded since 2014.

The prolonged global energy crisis triggered growth in commodities prices, according to BoA. Another reason for the price surge in the hydrocarbon market is the recovery of several economies and their return to pre-pandemic indicators. Even a global fuel shortage cannot prevent this, the bank emphasizes.

An impending danger of global financial crisis is the third factor leading to higher prices of commodities. The bank states that the lack of fuel in the EU storage facilities, cuts in oilfield production funding and difficulties with its maintenance may cause the crisis. In addition, increased demand for diesel fuel also affects the hydrocarbon market.