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A colder winter and a surge in global gas prices could push oil prices higher to $85 per barrel (bbl) in Q4 2021, Reuters reported, citing a Goldman Sachs note.

 

According to the US-based bank, higher global gas prices and a colder winter in Europe and Asia could boost demand for oil, driving a $5 per barrel upside risk to its fourth quarter 2021 Brent price forecast of $80 a barrel.

 

A colder winter could lead to a 900,000 barrels per day (bpd) increase in oil demand, the bank said.

 

Bank of America Global Research recently said it could bring forward its $100/bbl oil price target to the next six months from mid-2022 if the winter is colder than usual.

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