Oil Prices to Stay High as Demand Grows: Goldman Sachs

Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, according to Goldman Sachs head of energy research.

Speaking to CNBC on Thursday, Damien Courvalin said: “This is not a transient winter shock like it could be for gas. This is actually the beginning of a material repricing higher for oil."

Goldman Sachs’ base case scenario is for Brent to hit US$90 per barrel by the end of the year.

U.S. crude futures stood at US$81.45 per barrel on Thursday afternoon, while international benchmark Brent crude futures were trading at US$84.21 per barrel in Asia.