Brent oil nears $80 a barrel on tight supply | Reuters
Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Brent crude was up $1.63 or 2.1% at $79.72 a barrel by 1403 GMT, having posted three straight weeks of gains. U.S. Oil added $1.56, or 2.1%, to $75.54, near its highest since July, after rising for a fifth straight week last week.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
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