Goldman Sachs Doubles Down On $80 Oil Prediction

Goldman Sachs has reiterated its forecast that Brent crude will hit $80 per barrel this summer as demand quickly recovers. "Rising vaccination rates are leading to higher mobility in the U.S. and Europe, with global demand estimated up 1.5 mb/d (million barrels per day) in the last month to 96.5 mb/d," the investment bank said in a note as quoted by Reuters. Goldman first said it expected Brent to hit $80 this year in March, expecting this to happen by the third quarter of this year. Then, in April, the bank reiterated its forecast, noting, "The…