Oil rally has more room to run, Brent expected to hit $80/bbl – Goldman By Reuters – Investing.com

Oil rally has more room to run, Brent expected to hit $80/bbl – Goldman By Reuters – Investing.com

(Reuters) - U.S. investment bank Goldman Sachs (NYSE:) expects prices to reach $80 per barrel this summer, betting that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.

Brent prices hit $72.93 per barrel this week, their highest level in over two years, fuelled by expectations of stronger demand.

Brent futures were trading at $72.21 a barrel on Friday, while U.S. West Texas Intermediate (WTI) crude was around $70 a barrel. [O/R]