Analysts at Goldman Sachs expect oil prices to continue rising in 2021, however, they expect prices to trade around $35 per barrel in the near-term.
“We are bullish further out into next year”, Jeff Currie, head of commodities research at Goldman Sachs told Bloomberg, and added that, “we are sticking with our $35 per barrel target on a near-term basis.”
Currie said the demand for gasoline and other fuels would rise as countries lift lockdown restrictions, helping boost prices.
Goldman Sachs expect Brent prices to average $55 per barrel in 2021. At press time, Brent oil is changing hands at $41.80, representing a 37% decline on a year-to-date basis.
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