Dwindling inventories and a Q4 shortfall forecast of 1.1 million bpd drove worldwide demand.
Goldman Sachs adjusts its 12-month Brent forecast to US$100, up from US$93, driven by a 30% price increase since mid-June.
Oil has rallied strongly in recent months, hitting a 10-month high, thanks to the significant supply curbs from Opec+ linchpins Saudi Arabia and Russia. At the same time, “Opec is unlikely to push prices to extreme levels, which would destroy its long-term residual demand,” they said.
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