Oil rates will increase in the next six months: Goldman Sachs -

Texas: The oil demand in the international market will increase in the next six months and so will the oil rates. Goldman Sachs, the renowned international financial institution from the United States, claimed that these rates would reach $80 per barrel levels. A few days ago, Goldman Sachs had claimed that Copper would become the fuel of the future.

Since the last year, there is a slowdown in every sector, owing to the Coronavirus pandemic. This has affected the oil demand. Therefore, the crude oil rates are at the level of $64.73 per barrel. In the last week, there has been an increase of 3 dollars in the oil rates. As per the US financial institution, the global situation will improve further in the coming times.

Vaccination campaigns have started in most of the countries in the world. Once the vaccination levels increase, tourism and freight movement will also increase. The financial institution claimed that this would substantially increase the global oil demand. The financial institution also said that the oil demand could reach 52 million barrels per day in the next six months.

The increase in the oil demand will be so great that even the oil-producing countries may not fulfil the demand. The US financial institution claimed that this could take the oil rates to $80 per barrel. In the beginning of the month, Goldman Sachs had appealed to OPEK Plus, the association of the oil-producing countries of the world, to increase oil production.

Meanwhile, two weeks ago, the same institution had said that Copper would fuel the future. The Global demand for Copper will increase tremendously. Last year, the total production of Copper was 1 million tonnes. The Financial Institution claimed that the Copper production could reach 5.4 million tonnes.