A Cold Winter Could Send Oil Prices Soaring Past $100

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The spike in oil prices to the highest in years after OPEC+ said it will not add more barrels than the initially agreed 400,000 bpd monthly was expected. The forecasts by bank analysts that oil could go higher before the year is over were also expected. Now, some are expecting a further climb towards $100. The good news is that even if it happens, it won’t last. Goldman Sachs recently updated its oil price forecast for the final quarter, saying it now expected Brent crude to reach $90 per barrel by the end of December. Before that, the bank said oil demand could jump by 900,000 bpd if the winter was colder.

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Original Article Source Credits: BAYSTREET, https://www.baystreet.ca

Article Written By: Baystreet Staff

Original Article Posted on: October 8, 2021

Link to Original Article: https://www.baystreet.ca/commodities/5021/A-Cold-Winter-Could-Send-Oil-Prices-Soaring-Past-100