Recently, crude prices
went above US$ 70 per barrel and slumped more than 1% on Tuesday.
Crude oil to rise above $80 per barrel in 2018?
Last week Goldman Sachs Group
Inc, Morgan Stanley and JPMorgan Chase & Co abandoned their skepticism and accepted that Opec’s output cuts are finally succeeding in clearing a global glut.
Goldman Sachs raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and U.S. drillers' inability to meet the world's growing energy
The investment bank now sees Brent, the international benchmark for oil, averaging $75 a barrel over the next three months, up from its previous target of $62. Goldman also raised its six- and 12-month forecasts to $82.50 and $75, respectively.