Oil rally will continue, with year-end Brent forecast of $90 – Goldman Sachs

Anil Panchal FXStreet

Goldman Sachs (GS) revises up Brent oil price forecasts to $90.00 per barrel, up by $10 versus $80.00 previous forecasts, during the latest reports.

The US bank cites the larger-than-expected current global oil demand-supply deficit, coupled with the “recovery in global demand from the Delta impact even faster,” as the key concerns.

GS adds “with global supply remaining short of our below consensus forecasts,” as the additional catalyst to weigh on the oil prices.

That said, Brent oil prices refresh the highest level since October 2018 with the recent uptick to $77.84.

Also read: WTI is gaining for the fifth-straight week, eye $74.00 heading into the weekend

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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