Recovery in oil demand likely to continue, says Goldman Sachs

Oil platforms

Oil demand recovery is expected to continue and Brent crude prices are likely to reach $80 per barrel (bpd) this summer, Reuters reported, citing a note of US investment bank Goldman Sachs.

Goldman Sachs betted that a recent oil market rally will continue as vaccination rollouts boost global economic activity and demand for the commodity.

“Rising vaccination rates are leading to higher mobility in the US and Europe, with global demand estimated up 1.5 million barrels per day (bpd) in the last month to 96.5 million bpd,” the note added.

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