Goldman Sachs hikes oil forecast to $90, citing ‘most bullish hurricane in history’

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Goldman Sachs has boosted its oil price target to $90, citing the lingering impact of Hurricane Ida on supply while demand ramps up, particularly in COVID-averse Asia. Analysts led by Damien Courvalin lifted their year-end forecast on Brent crude-oil to $90 from $80. Hurricane Ida should prove to be the most bullish hurricane in U.S. history, cancelling the ramp-up in OPEC+ output since July. At the same time, global oil demand is back to converging to pre-COVID levels. Traffic congestion in China quickly recovered after a summer dip. The Delta-driven decline in global flights was smaller than the analysts initially feared. Brent crude futures BRN00, +0.98% rose 1% to $78.12 per barrel, and the West Texas Intermediate contract CL.1, +1.00% added 1% to $74.79. Natural-gas futures NG00, +3.25% meanwhile rose over 3%. “An upgraded probability of a second La Niña event th
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