Oil market to gain momentum in 2021 - Goldman Sachs

According to analysts at Goldman Sachs, the rising likelihood of more widely available coronavirus vaccines by next spring would counter a slump in oil demand and help the market gain momentum in 2021. 

The West Texas Intermediate crude is now forecasted to rise to $55.88 next year versus the previous $51.38. Meanwhile, brent prices are seen rising to $65 by the end of the third quarter of 2021.

Key quotes (Source: Business Insider)

There is a growing likelihood that vaccines will become widely available starting next spring, helping support the global growth and oil demand, especially jet. 

Key to the resilience of spot prices, despite stalling inventory draws this summer, has been the steady rally int he long-dated prices.