Mubasher: The price per barrel (pb) of Brent oil is forecast to reach $70 pb by mid-2017, said Bank of America Merrill Lynch in a note.
The report added that average price for Brent oil is expected to reach $61 pb next year.
Oil prices are projected to reach $54 pb by the end of 2016, according to the note.
Oil prices retreated on Friday as the dollar went up. Brent crude passed $52 pb last week for the first time in 8 months on the back of disrupted supply from oil exporting countries and preliminary data that indicated a decline in US oil reserves.
