Reuters

Goldman expects oil prices to hit $90 by year-end as supply tightens

Oil prices were trading at $79.19 a barrel, as of 0619 GMT on Monday, while U.S. West Texas Intermediate (WTI) crude were at $75.08 a barrel. “While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts,” Goldman said in a note dated Sept. 26. Hurricane Ida’s hit to supply has more than offset OPEC+’s production ramp-up since July with non-OPEC+ and non-shale production continuing to disappoint, Goldman said.

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