The Oil Price Rally Is Far From Over

How much higher could oil prices go? This is the question that the U.S., China, India, and other big consumers have come to dread as benchmarks continue to rise amid tight supply and soaring demand. The answer right now is not one they will be happy with, either. “Net, our bullish view remains unchanged: the oil deficit remains unresolved, the current strength in oil demand remains a near-term tailwind and the increasingly structural nature of the deficits will require much higher long-dated oil prices,” Goldman Sachs analysts wrote…