Goldman Sachs sings more: oil prices will reach $110 / barrel in Q3

Goldman Sachs said commodity prices, especially crude oil prices, would depend on the resumption of work and production
after Chinese New Year celebrations later this month.

Jeff Currie, the bank's head of global commodities research, said on Wednesday: "What should I focus on most after reopening?" It's oil
.
What is idle? It's planes, trains and cars
.
If they were all restarted, oil demand would rise
sharply.
”

Currie said that if China and other Asian economies fully lift Covid restrictions, Brent crude could reach $
110 a barrel by the third quarter.
At press time, Brent crude was up 0.
02% at $82.
96 a barrel
.

In addition, Currie added that copper prices broke above $9,000 a tonne for the first time since June this week and could exceed $
11,500 a tonne by the end of 2023.
In the longer term, copper prices could reach $15,000 a tonne, in line with
Trafigura Group's forecast.