Oil will hit $90 by year end: Why crude prices will only rise further

NEW DELHI: Oil prices are likely to stay at higher levels and may hit $90 per barrel by end of this year, according to US investment bank Goldman Sachs.
The price of brent crude is projected to soar further by early next year and touch as high as $110 per barrel.
This would be a 30 per cent jump from the current multi-year high level of $85/ barrel as demand rebounded while supply remained tight.
Oil prices have more than doubled over the past 12 months as the global economy rebounded from disruption caused by the pandemic, with mobility restrictions gradually being lifted.