BofA Cuts Crude Oil Forecasts for 2H'12, 2013 (USO)

June 6, 2012 8:11 AM EDT
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Analysts at BofA Merrill have reduced the firm's second-half 2012 price forecast for Brent Oil to $106 per barrel and the West Texas Intermediate to $97 per barrel.

The firm's 2013 forecasts were reduced to $110 for Brent and to $100 for WTI crude.

Brent crude last traded just over $100 per barrel, while WTI crude on the NYMEX is trading up to over $85 per barrel.

The US Oil Fund ETF (NYSE: USO) closed Tuesday's session at $31.76 and is indicated slightly higher to around $32 in pre-open action Wednesday.

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