Oil prices expected to struggle despite Saudi cuts, but Goldman is more bullish than most

Oil prices expected to struggle despite Saudi cuts, but Goldman is more bullish than most

Oil markets are in for more struggles this year despite a more than 5% boost to prices this week on news from OPEC+. The oil producer group, led by Saudi Arabia and Russia, announced that members would keep production largely steady rather than raising it, with Riyadh later revealing voluntary cuts of an extra 1 million barrels per day from its January's production levels in February and March.Brent crude futures traded at $53.81 a barrel on Wednesday afternoon, following a 5% jump on Tuesday that brought the commodity to an 11-month high. Could crude return to its pre-pandemic levels of more than $60 a barrel in 2021? Not if the outlooks of several forecasters are correct, which throw cold water on bullish hopes for a full demand recovery as Covid-19 vaccines are rolled out in countries across the world.  An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.Simon Dawson | Bloomberg | Getty ImagesA Reuters poll of analysts in late December showed a broad expectation that Brent will average "a smidge above $50/bbl this year," a note from PVM Oil Associates read Wednesday. "At the heart of this gloomy forecast