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Oil has finally found a strong bull in Savita Subramanian, commodity strategist at BofA Merrill Lynch, who believes oil will rally to $54 a barrel by this year-end and continue its march higher to touch $69 a barrel by June of next year.  The commodity team led by Savita has upgraded the energy sector to outperform. The analysts have added Devon Energy to the firm’s US 1 list and raised ratings on four other stocks.  “Oil production continues to fall as global oil & gas investment has been cut by nearly $300bn (41%) and rig counts have dropped by 37% since the 2014 peak. In contrast, low oil prices continue to drive healthy demand growth, putting the oil market on pace to see its biggest supply-demand deficit since 2011,” the report noted. They estimate the shortfall to last through 2020, if prices remain below $80 a barrel.  The firm has raised the outlook for the energy sector from marketweight to overweight considering the following factors.