BNO - Goldman sees $80 oil before year-end despite likely return of Iran supply

Crude oil futures move higher as Goldman Sachs says it expects Brent prices to climb to $80/bbl in Q4, arguing the outlook for a large vaccine-driven increase in demand outweighs the potential return of Iranian supply.July Brent crude (CO1:COM) +1.6% to $67.52/bbl, and July WTI (CL1:COM) +1.7% to $64.64/bbl.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]"Stocks are in green as risk appetite remains dominant on markets. Moreover, the U.S. dollar is declining," says ActivTrades chief analyst Carlo Alberto De Casa. "All this is creating the perfect environment for oil."Goldman now sees a clearer path for the next leg higher in oil prices, forecasting global demand rising by 4.6M bbl/day through year-end, with most of the gains expected in the next three months."The market is likely pricing in a return of Iranian barrels by late summer yet underestimating the upcoming demand rebound, too pessimistic a view on both accounts," the Goldman team

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Goldman sees $80 oil before year-end despite likely return of Iran supply