FX.co ★ Goldman Sachs projects oil to hit $ 100

Goldman Sachs and the Bank of America recently predicted oil prices to hit $ 100 around winter. They said demand should increase by then, which will push the minimum price to $ 85.

The assessment was revealed last Friday, when Goldman Sachs released its forecast for the last quarter of 2021. To be precise, they said oil will cost around $ 80 per barrel because a shortage of natural gas, combined with a colder-than-normal winter in Europe and Asia, could pose a risk of a $ 5 / bbl rise in prices from its fourth-quarter price forecast.

The investment bank noted that limited supply this winter will create a clear and potentially significant bullish catalyst for the oil market, outweighing the risk of declining global oil demand due to another COVID-19 wave.

Then, over the next six months, oil will cost $ 100 per barrel, said the global research team at the Bank of America. But this will happen only if the upcoming winter indeed turns out to be colder than usual.

Bank analysts said the weather will be the most important driver of development in the global energy markets.

Earlier, oil prices rose to nearly a three-year high, and interruptions in production on the world market have forced energy companies to withdraw large volumes of oil from reserves.