Goldman Sachs: Brent oil could reach $115 per barrel in a month's time
Oil prices surged on Monday after the West imposed more sanctions on Russia, a key energy producer, due to its ongoing invasion of Ukraine.
The moves came after the U.S., the European Union and the U.K. said it would block some Russian banks from the SWIFT messaging system, a move that makes it more difficult for countries to purchase Russian oil. The Goldman analysts hiked their one-month price forecast to $115 from $95, arguing there would need to be up to 4 million barrels of demand destruction to offset the loss of Russian exports. Even a redirection of oil flows to the East would still tighten global markets, the analysts argue, because it would require a 12-day increase in transit time, the equivalent to the loss of 90 million barrels.
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