Goldman Sachs had another bullish message for oil markets this week, saying in a note that it expected global oil demand to recover to pre-pandemic levels of 100 million bpd by August this year. According to Goldman, the oil market was in a deficit of 2.3 million bpd in the final quarter of 2020. With supply still tight at the start of 2021, the immediate future for prices is bright despite expectations for a slow demand recovery. Even so, supply will grow this year, Goldman Sachs also noted, with the deficit narrowing to 900,000 bpd during the first half of the year. That’s up from an earlier projection of a deficit of 500,000 bpd. At the end of 2020, Goldman Sachs’s commodities chief Jeffrey Currie said he expected Brent crude to rise to $65 a barrel this year, citing structural underinvestment in the industry. All markets except wheat, Currie […]