BoA: Crude Oil Prices Won’t Go Higher Than $60/bbl Next Year

BAML has some bad news for Andy Hall regarding crude oil prices OPEC’s production agreement looks solid but the upside for Brent and WTI is capped at around $60 a barrel, that’s according to Bank of America Merrill Lynch’s commodities analysts Francisco Blanch and Max Denery. OPEC’s production agreement has attracted plenty of criticism since it was announced last week. The deal marks the cartel’s first decision to cut crude output since 2008, marking a clear turning point in cartel politics. However, it remains to be seen how the new quotas will be implemented and if the non-OPEC countries (namely…