Goldman Sachs has reiterated its forecast that Brent crude will hit $80 per barrel this summer as demand quickly recovers.

“Rising vaccination rates are leading to higher mobility in the US and Europe, with global demand estimated up 1.5 mb/d (million barrels per day) in the last month to 96.5 mb/d,” the investment bank said in a note as quoted by Reuters.

Goldman first said it expected Brent to hit $80 this year in March, expecting this to happen by the third quarter of this year.

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Then, in April, the bank reiterated its forecast, noting, “The magnitude of the coming change in the volume of demand — a change which supply cannot match — must not be understated.” (RT)