Oil market to gain momentum in 2021 - Goldman Sachs
According to analysts at Goldman Sachs, the rising likelihood of more widely available coronavirus vaccines by next spring would counter a slump in oil demand and help the market gain momentum in 2021.
The West Texas Intermediate crude is now forecasted to rise to $55.88 next year versus the previous $51.38. Meanwhile, brent prices are seen rising to $65 by the end of the third quarter of 2021.
Key quotes (Source: Business Insider)
There is a growing likelihood that vaccines will become widely available starting next spring, helping support the global growth and oil demand, especially jet.
Key to the resilience of spot prices, despite stalling inventory draws this summer, has been the steady rally int he long-dated prices.
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
-THE END-