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    Home ยป Goldman Sachs Projects Oil Prices to Hit $90 by Year-End as Global Supply Tightens
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    Goldman Sachs Projects Oil Prices to Hit $90 by Year-End as Global Supply Tightens

    September 27, 20211 Min Read
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    Goldman Sachs upgrades its oil price target to $90, indicating the lingering impact of Hurricane Ida on supply while demand increases, more so in COVID-19 averse Asia.

    • Analysts led by Damien Courvalin increased their year-end outlook on Brent crude oil to $90 from $80.
    • Hurricane Ida is likely to prove to be the most bullish hurricane in US history, disrupting the ramp-up in OPEC+ output since July.
    • Global oil demand is rebounding to converging around pre-COVID levels. Traffic congestion in China quickly recovered after a drop in summer. The Delta-driven decline in global flights was smaller than initially anticipated.
    • Brent crude futures rose 1.00% to $78.12 per barrel, and the West Texas Intermediate contract rose 1.50%.

    Analysts at BCA Research stated an upgraded possibility of the second La Nina event this winter will keep gas buyers searching markets for supplies.

    BR1! Up +1.88%, CL1! Up +1.43%

    Source: MarketWatch

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