An American bank expects the price of a barrel of oil to rise above $ 90 by the end of the year
An American bank expects the price of a barrel of oil to rise above $ 90 by the end of the year
2021-10-26 08:59
Shafaq News/ Goldman Sachs Bank said that a strong recovery in global demand for oil may push Brent crude prices, the global standard, to exceed its expectations at the end of the year, which amount to $90 a barrel.
The American Investment Bank stated that it expected that oil demand would soon reach pre-Corona pandemic levels at about 100 million barrels per day, with consumption recovering in Asia after the wave of the mutated strain Delta, to exceed Brent $ 90 per barrel by the end of this year.
The bank also predicted that the switch from gas to oil could add at least one million barrels per day to crude demand.
Oil prices were also supported by concerns about a shortage of coal and gas supplies in China, India and Europe, which is spurring a shift to diesel and fuel oil to run power plants.
Both benchmarks recorded gains of about 20% since the beginning of September, and US crude rose for nine consecutive sessions, while Brent rose for seven sessions.
shafaq.com
