Goldman Sachs is bullish on oil, expecting the market to be in a deficit of around 3 million barrels per day (bpd) by the fourth quarter and Brent Crude prices to recover to $49 a barrel by the end of this year, from $43 early on Friday. According to a new report from Goldman analysts, carried by Reuters , the recent floating storage of oil is more “transient inventory allocation dynamics” instead of a signal of a new glut. “We estimate that the oil market remains in deficit with speculative positioning now at too low levels,” Goldman Sachs said, keeping its Brent Crude target at $49 by end-2020 and $65 by the third quarter of 2021. Earlier this month, Goldman Sachs forecast Brent Crude to reach $65 a barrel in the third quarter of 2021, although it could end next year lower, at $58 a barrel. Goldman Sachs also […]