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Oil continues to rise with OPEC cuts and expects it to reach $ 67.50 a barrel
Goldman Sachs said more than expected production cuts by some major producers and a fall in seasonal crude inventories due to rising demand would push oil prices higher.
The US bank expected the price of Brent crude to rise to $ 67.50 a barrel in the second quarter of 2019.
Opec said this week it had cut oil production a lot under the global supply agreement, shrinking about 800 thousand barrels per day in January to 30.81 million barrels per day.
He said US sanctions, which began last month on Venezuelan oil exports, were disrupting crude supplies.
"The improvement of the fundamentals of oil is already reflected in the decline in stocks above seasonal patterns," the investment bank said.
The US Petroleum Institute said yesterday that US inventories fell 998 thousand barrels in the week ended February 8 to 447.2 million compared with analysts' expectations of an increase of 2.7 million barrels.
But Goldman said it had warned about price forecasts for the second half of 2019, as producers with low production costs increased.
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