Goldman Sachs hike its oil price forecast from $80 to $90 (year-end Brent)

Goldman Sachs on Brent crude, saying the next leg higher for the price of oil is "from a cyclical to a structural bull market"

Brent oil prices have reached new highs since October 2018

• We forecast that this rally will continue, with our year-end Brent forecast of $90/bbl vs. $80/bbl previously. 

While we have long held a bullish oil view, the current global oil supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above consensus forecast and with global supply remaining short of our below consensus forecasts. 

Spinning the bullish oil tracks:

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September 27, 2021 at 10:25AM
Eamonn Sheridan
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