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Goldman Sachs Group Inc. rejoined the $100-a-barrel oil club, raising its forecast for crude back to triple digits as worldwide demand hits unprecedented levels and OPEC+ supply curbs continue to tighten the market.
Premiums for physical barrels are surging, with supplies from the Middle East, Azerbaijan and even Russia commanding premiums as refiners clamber to make diesel.
Oil prices could very well reach $100 per barrel. But supply and demand are likely to bring prices back down, say analysts.
Oil picks up where it left off
Benchmark Brent has risen more than 30 per cent since March