Oil Price Likely To Skyrocket Next Year
Goldman Sachs analysts are predicting that the price of oil may increase significantly in the second quarter of next year.
The price of oil will increase to $65 per barrel next year as an energy market recovery speeds up and the inventories shrink, according to one of the world’s leading energy analysts.
Goldman Sachs had a “growing conviction” in its increasingly bullish forecast for crude oil next year, on the rising likelihood of a vaccine against Wuhan virus and the “discipline" among oil producers, including the OPEC+ alliance led by Saudi Arabia and Russia, said Damien Courvalin, head of energy research at the American banking giant.
Brent crude, the global benchmark, was trading at $45.73 yesterday, near its five-month high and maintaining the consistent upturn of the past month, while West Texas Intermediate, the US standard, was at $43.
“Prices are expected to rally from $45 per barrel currently to $65 by the third quarter of 2021,” Courvalin stated.