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VIEW: Goldman Sachs: From A Cyclical To A Structural Bull Market

OIL

Goldman Sachs note that "Brent oil prices have reached new highs since October 2018, and we forecast that this rally will continue, with our year-end Brent forecast of $90/bbl vs. $80/bbl previously. While we have long held a bullish oil view, the current global oil supply-demand deficit remains larger than we expected, with its drivers increasingly reflective of supply underinvestment in the face of resurging demand. This is leading us to also raise our 2022 Brent forecast from $75/bbl to $81/bl and introduce a $85/bbl 2023 forecast as we release our supply-demand balances for that year."

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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