The price will eventually return to $80 a barrel.
Bank of America reiterated its forecast of Brent oil price at $120 a barrel by mid-2022, according to a review published the day before.
Analysts of the bank indicate a reduction in oil production capacity, low stocks and an increase in geopolitical tensions in Ukraine.
At the same time, they warn that oil needs a decline in the U.S. dollar in order to stay above $100 a barrel. Additional stimulus for China and less hawkish than expected Fed policy may just weaken the dollar.
Brent will eventually return to an average level of $80 a barrel after peaking in mid-2022.