Goldman Sach expects crude oil to hit $80 this summer despite price pullback
NEW DELHI: Rising concerns over a resurgence in Covid-19 cases in certain European and Asian countries may have led to a 7 per cent fall in crude oil prices on Thursday, but investment banker Goldman Sachs believes that the pullback notwithstanding, Brent crude oil prices will resume increasing as global demand cranks up pace and will breach the $80 per barrel mark by this summer.
The forecast is bad news for Indian customers, who have already been confronted with all time-high petrol and diesel prices petrol rates even breached the Rs 100 per litre mark in certain locations over the past few weeks.
While no price increase has been put into effect by oil marketing companies since February 27 (dates for polls to state assembly elections in five states had been announced on February 26), oil industry sources confirm that holding crude prices steady during the past few weeks has already put a strain on oil firms.
