Oil prices could tread as high as $100 a barrel in 2024, Goldman Sachs' Jeff Currie said.
The outgoing commodities chief pointed to demand outweighing the supply of crude.
On Thursday, Brent crude was trading around $95 a barrel.
Oil prices are heading into the triple-digits next year, as a supercycle lifts the commodities sector, according to Goldman Sachs' outgoing commodities chief Jeff Currie.
Brent crude, the international benchmark, will hit $100 a barrel in 2024, Goldman strategists said in a Tuesday note. That's largely because of a supply-demand imbalance in the oil market, which is likely to worsen over the next year and push prices higher, Currie said.
Currie, who has warned of triple-digit oil prices since late 2022, said there's increased demand for crude, noting that last week saw prices near $100.
"What was driving it is demand is exceeding expectations. You're up more than half a million barrels per day above even our bullish expectations," he said in an interview with CNBC on Tuesday.
He also reiterated his call for a commodities "supercycle," referring to a bullish period where commodity prices climb as a result of chronic underinvestment and undersupply.
Demand outweighing supply has helped pushed crude prices higher through 2023, with oil surging to a 10-month-high after OPEC+ implemented its hefty supply cuts this summer. Brent crude traded around $95 a barrel on Thursday, while West Texas Intermediate crude traded around $92 a barrel.
While Currie estimated demand destruction would occur when oil hits $125-$130, experts say rising oil prices spell more pain for Americans and potentially more trouble for the US economy.
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