• Goldman Sachs ramped up its already optimistic forecast calling for Brent crude to hit $90 a barrel by the end of the year. That’s up from its previous call for $80. The Wall Street bank expects U.S. crude to hit $87 a barrel, up from $77 previously.
• The impact of Hurricane Ida and other oil supply outages will take a sizable chunk out of global oil production this year, the International Energy Agency said. In its monthly market report, the energy watchdog cut its supply rebound forecast for 2021 by 150,000 barrels a day and cut its demand forecast by 100,000 barrels a day, citing the impact of the Delta variant of Covid-19.
• Royal Dutch Shell PLC has agreed to sell all of its assets in the Permian basin, the most active U.S. oil field, to ConocoPhillips for around $9.5 billion in cash.