Mubasher: Brent crude oil is expected to reach $55 per barrel (pb) by December 2016, in line with continued demand strength in 2016, according to BofA Merrill Lynch Global Research.

Although oil demand is slowing down to 1.2 million barrel per day (bpd) in 2017 from the Organisation for Economic Co-operation and Development (OECD) area, non-OECD oil demand growth is likely yo accelerate modestly from 1.2 million bpd in 2016 to 1.3 million bpd next year.

The research firm projected global demand growth to average 1.2 million bpd next year, down from 1.4 million bpd this year.

Brent prices are likely to average $61 bp next year and $70 bp by the end of Q2-17.