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Brent crude oil will go above $100

Brent crude oil, the global benchmark, could surge above $100 barrel according to a note released by Bank of America on Friday.

It would be the first time at such a level since 2014.

JP Morgan and Goldman Sachs have set their targets at $78 and $90 respectively as tightness in the global natural gas market could lead to upward pressure on crude oil.

Higher oil prices could lead to a fresh bout of inflation which may cause a “macro hurricane”, according to BofA analysts led by Francisco Blanch.

OPEC+ will meet on Monday as it winds down its record output cuts after the organisation tried to prop prices up by reducing oversupply.

Brent is up by over 50% this year having reached its three-year high of $80.75 on Tuesday.

Star stock selector and founder of ARK Invest, Cathie Wood, tweeted out her long-term bearish view on oil on Thursday evening.

“Based on our forecast for EV sales, @ARKInvest believes that oil demand has peaked,” said Wood.

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