Brent crude oil price to hit $90 a barrel by end of year: Report

The price of Brent crude oil surged for the first time above $80 on Tuesday in about three years since October 2018. The Wall Street Bank has anticipated that the US crude price would reach $87 a barrel, ANI cited CNN report. Goldman Sachs on Sunday anticipated that the Brent crude price will hit $90 a barrel by the end of 2021. The price of Brent crude, the world benchmark reached $79.25 on Monday. 

Goldman Sachs had previously predicted that the price of Brent Crude oil will reach $80, but, now they have anticipated that the price will go higher up to $90 by the end of the year. Reportedly, The Wall Street Bank has expected that the price will hit $87 a barrel. Previously, they had predicted that the price will hit $77. The Brent crude price rose by 1.5 per cent to reach $79.25 on Monday. It is reported that after October 2018, the price of Brent crude for the first time closed at $79.25 on Monday. Meanwhile, the US crude price rose by 2 per cent to reach $75.45 a barrel. It is reportedly the highest closing since October 2018.

As per the ANI report, Goldman Sachs has noted that high oil prices will further go up. Goldman Sachs has predicted that the gasoline prices will continue to rise, ANI cited CNN report. Moreover, Goldman Sachs has stated that the present "supply-demand deficit will not be reversed" in the coming months. Reportedly, The White House has called for 'OPEC+' to enhance their production, which has not been followed by the Saudi Arabia and Russia-led alliance producers. According to ANI, 'OPEC+' is a loosely affiliated entity that comprises OPEC members and 10 of the world's major non-OPEC oil-exporting nations that include Brunei, Malaysia, Mexico, Oman, Bahrain, Sudan, Azerbaijan, Kazakhstan, South Sudan and Russia.

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Inputs from ANI