Oil prices surged to three-year highs after hurricanes and unexpected demand—how much higher can they go?
Driven higher by unexpectedly high demand and catastrophic hurricanes halting production, oil prices rose for a fifth-straight day on Monday, hitting their highest levels in three years as analysts point out cold winter weather and a busy pandemic travel season should only boost prices further.The price of U.K. oil benchmark Brent Crude and U.S. West Texas Intermediate jumped about 2% apiece Monday morning to $79.56 and $75.
The analysts said global oil demand has recovered from the delta variant-spurred spread of Covid-19 more quickly than they anticipated this year, creating a “larger than expected” gap between oil supply and demand. Additionally, forecasts calling for a colder-than-usual winter in the northern hemisphere could mean added demand for heating oil, Goldman noted, upping its year-end forecast for Brent Crude prices from $80 to $90—suggesting prices could rise another 12% in the next three months.
In a morning note, Oanda analyst Edward Moya agreed oil prices are “on a one-way street headed higher,” adding that U.S. WTI prices could also hit $80 before year’s end as a steady decline in Covid-19 cases ushers in a stronger-than-expected holiday travel season.That’s how much the price of WTI oil has surged this year alone, while the price of Brent Crude has climbed about 50%.
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