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Oil rally has more room to run, Brent expected to hit US$80/bbl - Goldman

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U.S. investment bank Goldman Sachs expects Brent crude prices to reach US$80 per barrel this summer, betting that a recent oil market rally will ...

U.S. investment bank Goldman Sachs expects Brent crude prices to reach US$80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.

Brent prices hit US$72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand.Brent futures were trading at US$72.21 a barrel on Friday, while U.S. West Texas Intermediate crude was around US$70 a barrel. Goldman, which has longstanding commodity sector expertise, expects recovery in oil demand to continue and sees global demand reaching 99 mb/d in August.

U.S. Secretary of State Antony Blinken said on Tuesday he anticipates that even if Iran and the United States return to compliance with the nuclear deal, hundreds of U.S. sanctions on Tehran would remain in place.

 

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