22:49 28 April 2021
Post by: WBJ

Crude oil and copper to rise by over 10%: Goldman Sachs

Crude oil and copper to rise by over 10%: Goldman Sachs
Source: Photo by Markus Spiske on Unsplash

Investment bank Goldman Sachs expects a 13.5 percent increase in commodity prices within six months. Crude oil could reach $80 per barrel, and the increase in demand for it is to be the fastest in 20 years.

In the latest Commodity Watch forecast, Goldman Sachs expects a sharp jump in oil demand, from the current level of 94.5 million barrels per day to 99 million in the third quarter. It will be linked to the progress of the vaccination campaign against the coronavirus in Europe, including will be associated with an increase in the number of trips.

Lifting travel restrictions will be associated with a jump in the demand for aviation fuel, translating into an increase in oil consumption by 1.5 million barrels a day – estimates Goldman Sachs. The bank also notes that the level of aviation fuel consumption this summer will be 30 percent lower than before the outbreak of the pandemic.

Goldman Sachs also raised its copper price forecasts. The average price of a metric tonne of this metal in 2021 is $9,675. In 2022, it is expected to be $11,875, and in 2023 – $12,000. In 2025, the price of a tonne of copper is expected to reach $15,000. 


crude oil
goldman sachs

More News


21 hours ago

‘YouTube has become a global video library during the pandemic’: Susan Wojcicki

1 day ago

'My dream is to build a mini-hotel in Portugal': dancer Ewa Szabatin

3 days ago

‘The pandemic has shown us that work and study are a privilege’: Dorota Szelągowska

9 days ago

Kinga Sawczuk wants to promote pro-ecological attitudes

Book of Lists

Book of Lists
5 months ago

The largest Polish companies under the Book of Lists microscope! Book of Lists 2020/2021 certificates have been awarded.

Book of Lists
1 year ago

25th jubilee edition of Book of Lists – project start