Oil Prices Fall Back Despite Bullish Predictions

Oil prices rallied this week on a set of bullish predictions from major investment banks but may have climbed too high too fast.Friday, January 21st, 2022Leading investment banks issued their outlooks for 2022 this week, with both Goldman Sachs and Morgan Stanley expecting crude oil prices to hit $100 per barrel this year as oil inventories continue to ebb further and OPEC+ spare capacity falls. These reports drove ICE Brent past the $90 per barrel mark for the first time since 2014 this week, but the oil rally fizzled out by Friday as the priced-in…