Energy crunch: How high will oil prices climb?
Al Jazeera
Surging demand coupled with supply shortages has sent crude prices to a near three-year high.
Oil continued to climb on Monday with global benchmark Brent nearing $80 a barrel, its highest price since October 2018, as tight supply fuels a crude rally and as demand in some parts of the world recovers faster than even the most bullish analysts could have predicted.
Brent crude was up 1.73 percent to $79.44 a barrel by 4:06pm ET (20:06 GMT), having posted three straight weeks of gains. United States benchmark West Texas Intermediate futures gained 2.04 percent to $75.49 a barrel, the highest since July.
The current bullish rally has caused Goldman Sachs analysts to boost the bank’s year-end forecast for Brent from $80 to $90 per barrel. In a note to investors on Monday, Goldman said the current global oil supply-demand deficit is larger than it had initially expected.
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