XIV
VELOCITYSHARES DAILY INVERSE VIX SHORT TERM ETN
132.6600
2.72%
132.6600
2.72%
46.3600 134.4300
52 weeks
52 weeks

Mkt Cap 1.17B

Shares Out 8.82M

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Oil prices are poised for a 2010-style rally, says BofA Merrill Lynch analyst

Crude prices could rise to as much at $70 a barrel during the peak summer driving season next year as the oil market swings from a surplus to a significant deficit, said Francisco Blanch, head of global commodities and derivatives research at Bank of America Merrill Lynch.

In recent weeks traders have been hanging on every word from ministers of petro-states after officials confirmed earlier this month they would speak on the sidelines of the International Energy Forum next month about taking measures to prop up oil prices.

Blanch reiterated his view that OPEC is essentially finished as a cartel, as competing agendas among member states leave little room for compromise.

But even absent an OPEC deal, Merrill believes demand will outstrip supply by 800,000 barrels per day next year as deep cuts to capital spending bite into production, Blanch told CNBC's "Squawk on the Street" on Monday. He noted the last time markets saw such a large deficit was...


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