Goldman Sachs: Brent price may rise above $90 a barrel by the end of the year | latest news

Goldman Sachs: Brent price may rise above $90 a barrel by the end of the year | latest news
Goldman Sachs: Brent price may rise above $90 a barrel by the end of the year | latest news

Goldman Sachs said a strong rebound in global oil demand could push global benchmark Brent crude prices above its year-end forecast of $90 a barrel.

The American investment bank added that it expects oil demand to soon reach pre-Corona pandemic levels of about 100 million barrels per day, with consumption recovering in Asia after the wave of the mutated strain Delta.

Switching from gas to oil

The bank also predicted that the switch from gas to oil could add at least one million barrels per day to crude demand.

Oil prices were also supported by concerns about a shortage of coal and gas supplies in China, India and Europe, which is spurring a shift to diesel and fuel oil to run power plants.

Oil prices recorded their highest levels in several years on Monday, October 25, before stabilizing, supported by tight global supply and high demand for fuel in the United States and other countries.

20% rise in oil prices since the beginning of September

The global benchmark Brent crude contracts ended the trading session 46 cents higher, to settle at $85.99 a barrel, after having earlier jumped to $86.70, its highest level since October 2018.

US West Texas Intermediate crude contracts closed stable at $83.76 a barrel, after reaching the highest level since October 2014 at $85.41 a barrel.

Both benchmarks recorded gains of about 20% since the beginning of September, and US crude rose for nine consecutive sessions, while Brent rose for seven sessions.

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Goldman Sachs Brent price rise barrel year latest news

 
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