The Bank of America Merrill Lynch global research report predicted that Brent would see a wide trading range of between $70 and $80 with a central average of between $60 to $90 per barrel over the next five years.
The analysts said they viewed the recent price plunge “as largely the result of a surge in US shale oil output and a subsequent Saudi supply policy change” but offered no prospect of end to the price volatility.
“An
