Goldman Sachs Sees “Compelling Buying Opportunity” in Oil

Oil was hit hard in the markets this week but that’s not stopping one investment bank from putting an $80 a price target on the commodity.

Brent crude futures for May (BRNK21) lost 6.59% while West Texas intermediate crude (CLJ21) lost 6.4%.

Prices recovered slightly in Friday’s trading (in part amid supply concerns tied to a report that a Saudi Aramco oil facility in Riyadh was attacked by drones) yet, many investors have speculated that oil will continue its decline. The bears predict a prolonged downturn thanks new lockdowns in Europe (Paris is now locked-down for the month) and an increasingly global shift towards green energy.

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But, analysts at Goldman Sachs are bucking the trend.

$80 a Barrel By Summer

According to a new note to clients cited by MarketWatch, Goldman believes the pull-back in prices is “transient” and “a compelling buying opportunity.”

As such, forecasters at Goldman predict that the price per barrel on Brent will rise to $80 this summer.

The call follows Goldman’s prediction last month when it said Brent prices would hit $75 a barrel in the third quarter of this year.

Brent gained $0.22 on Friday to trade at $64.75 per barrel.

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