Brent crude to hit $75 as demand recovery outstrips supply: Goldman Sachs

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Mon, 2021-02-22 21:26

DUBAI: The price of a barrel of Brent crude is forecast to reach $75 in the third quarter of this year, according to energy analysts at US investment bank Goldman Sachs.

The projection comes in the wake of a sustained rally in global oil prices as continued restrictions on supply – led by Saudi Arabia after its surprise 1 million barrels per day (bpd) voluntary cut in February – met increased demand as coronavirus disease (COVID-19) vaccines being rolled out around the world increased hopes of an economic recovery.

Ongoing strength in global oil prices was another factor to be weighed by the OPEC+ group of suppliers, led by Saudi Arabia and Russia, which meets again early next month to decide future output policy. (Shutterstock/File Photo)
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