Goldman expects Brent oil prices to reach $65/bbl in summer 2021
Brent oil NSE 0.48 % prices could rise to $65 per barrel by summer 2021, Goldman Sachs said on Monday, driven by output cuts in Saudi Arabia and the implications of a shift in power to the Democrats in the United States.
The Wall Street investment bank had previously predicted oil would hit $65 by year-end.
The Democrat-led sweep of the U.S. Senate runoff elections and Saudi Arabia’s recent announcement of unilateral production cuts have left commodity markets with a “tighter” medium-term outlook, analysts at the bank said in a note.
Last week, the bank said Saudi Arabia’s pledge to cut its output by more than required under its pact with other OPEC+ producers points to weakening oil demand following new COVID-19 lockdowns.
