Brent Oil Climbs to 2014 High as Geopolitical Unrest...

Brent Oil Climbs to 2014 High as Geopolitical Unrest Returns
Adding to bullish sentiment is further strength in Asia’s physical crude market and shrinking global oil inventories. Goldman Sachs Group Inc. raised its Brent forecasts through 2022 and 2023, predicting $100 oil in the third quarter bent oil extended gains to the highest level in seven years as geopolitical tensions stirred in the Middle East and concerns about the demand impact of the omicron virus variant eased.

Yemen’s Houthi fighters claimed to have launched a drone strike on the United Arab Emirates -- the third-biggest OPEC producer -- that caused an explosion and fire on the outskirts of the capital Abu Dhabi. West Texas Intermediate oil also rose above $85 a barrel, the first time since October.
“Eighteen months ago, we were in a global apocalypse for the energy sector, and now you’re talking about outsized returns.

Many OPEC producers are struggling to raise production .. when we get into the part of the year when demand rises we are going to run into supply problems. \