Brent may touch $90 if winter is colder: Goldman Sachs

Oil drilling rigs

Brent crude may climb to $90 a barrel if the winter in the northern hemisphere is colder than normal, Bloomberg reported, citing Jeff Currie, Global Head of Commodities Research at Goldman Sachs.

Such a rise would be $10 higher than the bank’s current forecast for Brent crude, the report said.

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

Meanwhile, the world’s biggest independent oil trader, Vitol SA, said traders will be watching weather patterns closely, with a warm winter in the northern hemisphere being key to whether prices fall back.