On April 8 in an interview with CNBC, Jeff Currie, the commodities head at Goldman Sachs (GS), said that oil won’t return to the high like last year. Last year, Brent crude oil closed as high as $86.29 per barrel. On April 8, Goldman Sachs increased its price forecast for Brent crude oil to $66 in 2019—$3.5 higher than the last forecast. On April 10, Brent crude oil active futures settled at $71.7 per barrel.
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On March 28, Barclays wrote in a note that it expects Brent crude oil and US crude oil to average ~$73 and $65 per barrel in the second quarter. At those levels, US crude oil and Brent crude oil prices would be 18.4% and 14.4% higher than their average closing prices so far in the first quarter.
US upstream stocks
US crude oil prices above $60 would benefit US oil producers like Apache (APA), Devon Energy (DVN), Noble Energy (NBL), and others. Higher crude oil prices will likely help the energy sector outperform the broader market.