Bank of America are bullish crude over the next month futures contract roll:
- overweight Brent, gasoline, gasoil over a one-month horizon
Cite OPEC withholding output
- acknowledge mile surplus in global supply
- the risk os US hard landing has receded
- still concerns over Chinese demand
Over 3 – 6 months BoA see
- weakening of global institutions (an upside risk for gold and previous metals)
- Fed rate cuts
- potential Middle East escalation
- aggressive fiscal and monetary stimulus in China
This article was written by Eamonn Sheridan at www.forexlive.com.
