Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc.
A reopening of the global economy will help demand return to pre-COVID-19 levels, but inventories remaining tight into the summer will cause West Texas Intermediate crude oil, the U.S. standard, to reach $67.50 per barrel in the second quarter and $72 in the next three months, according to Goldman. The firm previously forecast WTI would hit $62 this summer.
Read more: https://www.msn.com/en-us/money/markets/oil-prices-to-reach-2472-by-summer-goldman-sachs/ar-BB1dUoie
