Goldman Sachs Forecasts Upward Trajectory for Crude Oil Prices in 2021

Tuesday, 19 March 2024, 21:17
Goldman Sachs analysts anticipate further rise in crude oil prices this year fueled by robust Chinese demand and a slowdown in non-OPEC supply growth. Factors contributing to the positive outlook include increasing demand from China, declining oil supply from the US, and summer inventory reductions. The projection suggests a bullish trend for oil prices amid favorable market conditions, according to Goldman Sachs.
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Goldman Sachs Forecasts Upward Trajectory for Crude Oil Prices in 2021

Goldman Sachs Bullish on Oil Prices

Goldman Sachs analysts foresee a continued surge in crude oil prices, attributing the trend to a complex interplay of supply and demand dynamics. The firm predicts a further uptick in oil prices driven by escalating Chinese demand and a contraction in non-OPEC oil production. Enhanced by tightening US supply and seasonal inventory adjustments, this outlook indicates a promising phase ahead for oil markets.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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