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Rising gasoline prices and colder winters could raise crude prices: Goldman

Sep 20 (Reuters) – Rising global gasoline prices and colder winters in Europe and Asia could boost oil demand, potentially leading to a $ 5 a barrel rise on Goldman Sachs’ forecast of 80 dollars for the price of Brent in the fourth quarter of 2021.

A global rise in wholesale prices for energy and gasoline raises fears of high energy bills and shortages in the winter, which has already forced some power supplies to shut down in the UK.

A colder boreal winter could lead to a 900,000 barrel per day (bpd) increase in demand for oil, the bank said in a note dated Sept. 19.

“The tight global gasoline supplies create a clear and potentially significant bullish catalyst for the oil market this winter, greater than the downside risk to global oil demand from another Delta-like COVID wave,” Goldman added.

(Report by Nakul Iyer in Bengaluru. Edited in Spanish by Janisse Huambachano)

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