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Goldman Sachs Says OPEC's ‘Shock and Awe’ Will Drive Oil Higher

  • Bank’s peak 2Q forecast for Brent crude at $67.50 a barrel
  • Analysts also say demand growth is exceeding low expectations
Royal Dutch Shell Permian Basin Operations As Oil Prices Beat Earnings Estimates
Photographer: Callaghan O'Hare/Bloomberg
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Goldman Sachs Group Inc. is doubling down on its bullish outlook for oil.

The bank still forecasts that global benchmark Brent crude will hit $67.50 a barrel next quarter, driven by healthy demand and supply curbs by OPEC and its allies such as Russia, analysts including Damien Courvalin said in a Feb. 12 report. Goldman’s estimate is about 7 percent higher than current price levels.