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.