Oil prices are up more than 40% for 2021 amid a recovery in demand for petroleum products, and Goldman Sachs sees more upside for crude and energy stocks.
West Texas Intermediate crude hovered on Friday around its highest level since October 2018, trading at $70.61 per barrel. Brent crude futures stood at $72.83, a level also not seen in more than two years.
Goldman sees Brent climbing to $80 this summer because of “a further large vaccine-driven increase in demand, including jet, in the face of mostly inelastic supply.”
