Goldman Sachs on Brent crude, claiming the next higher step for the price of oil is “from a cyclical market to a structural bull market”
Brent prices hit new highs since October 2018
- We expect this rally to continue, with our year-end forecast for Brent of $ 90 / bbl versus $ 80 / bbl previously.
Although we have long had a bullish outlook on oil, the current global oil supply and demand deficit is larger than expected, with the recovery in global demand due to the Delta impacting even faster than we expected. consensus above and global supply remaining below our lower level. consensus forecasts.
Turning the bullish oil tracks:
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