Goldman Sachs expects Brent to reach $80 a barrel

US investment bank Goldman Sachs expected the price of Brent crude to reach $80 a barrel this summer and bet that the recent rises in the oil market will continue, while the distribution of vaccines against Covid-19 boosts economic activities around the world and demand for crude. Brent prices reached $72.93 a barrel this week, thus reaching their highest levels in more than two years, driven by expectations of stronger demand.
Brent futures were traded at $72.21 a barrel today, while the US West Texas Intermediate crude price hovered around $70 a barrel.
The bank said in a note published yesterday evening, Thursday, “The rise in immunization rates leads to an increase in mobility in the United States and Europe, while it is estimated that global demand will rise by 1.5 million barrels per day last month to reach 96.5 million barrels per day.”
According to “Reuters”, Goldman expected that oil demand would continue to recover, and that global demand would reach 99 million barrels per day in August.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.