Goldman Bullish On Oil As It Eyes Major Relief Package

Oil prices will be supported this year by the upcoming massive economic stimulus package in the United States and the low probability of much Iranian oil returning to the global market, according to Goldman Sachs. The $1.9-trillion COVID relief package proposed by President Joe Biden is set to stimulate the American economy, leading to a rise in U.S. oil demand by around 200,000 barrels per day (bpd) over 2021 and 2022, Reuters quoted a note from the investment bank as saying.   Goldman Sachs has been bullish on oil since the end of last year,…