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Goldman Sachs has raised its oil price forecast to $90 a barrel as it said Hurricane Ida should prove to be “the most bullish hurricane in U.S. history.”
The bank’s analysts said the hurricane, which has hit oil output, has more than offset the ramp-up in OPEC+ production since July. They added that the global oil supply-demand deficit is larger than they expected, with the recovery in demand from the Delta coronavirus variant’s impact faster than anticipated.