At Goldman Sachs, analysts have raised their Brent oil price forecast for the second quarter by $10 to $70.
They now see oil as a inflation hedge, benefitting from the reflationary environment fiscal stimulus-driven recovery. Also, the investment banking giant doesn’t expect Iran’s export to recover anytime soon.
The international benchmark is already up more than two-thirds since the end of October to above $63 per barrel, courtesy of expectations for swift coronavirus-vaccine-led global economic recovery and production cuts by leading producers.
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