Opec is in no hurry to ramp up production.
(Photo: Essam Al Sudani)
Zurich It’s a turning point. For the first time since 2018, the price of European Brent oil jumped over $ 80 per barrel (around 159 liters) on Tuesday. US WTI oil is also as expensive as it was in 2018, at just under $ 76. During the trading day, investors took profits, so that the oil price leveled off just below the round mark. But the oil rally should only take a short break.
Because the trend is intact. Over the next twelve months, the price increase is 75 percent. The commodity analysts of the US bank Goldman Sachs have raised their year-end forecast for Brent oil from 80 to 90 dollars per barrel in view of the price dynamics. “Currently the difference between supply and demand is higher than we expected,” they write in a study. The market is at the transition from a “cyclical to a structural bull market”.
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