A plurality of investors expect benchmark Brent oil to trade between $80 and $90 a barrel by the end of this year, according to a BofA survey of fund managers published on Tuesday, down from its current level just under $100.
Investor sentiment was also at its most bearish in 10 months, but few are outright expecting a recession, according to BofA’s April 2-9 survey of 193 investors with a combined $563 billion assets under management.
** Investor oil forecasts fairly spilt however, 34% expect Brent crude futures between $80 and $90, 28% see it at $70-$80 and 22% at $90-100. Just 6% see it above $100.
** The oil benchmark came close $120 on two occasions in March, up from around $70 before the war.
** A net 36% of investors expect a weaker global economy; a month ago, 7% expected a stronger economy.
** 52% see a “soft landing” as most likely outcome for the global economy, and just 9% see a “hard landing”
** Investors are a net 13% overweight equities, the least since July 2025, and down from 37% in March.
* 58% of investors still expect the Federal Reserve to cut rates in the next 12 months. 46% expect the ECB to hike rates in the next 12 months.
(Reporting by Alun John; Editing by Amanda Cooper)