Oil prices could stay at higher levels in the years to come, as the demand rebounds, while supply remains tight, Arab News quoted Goldman Sachs head of energy research.

Damien Courvalin said: “This is not a transient winter shock like it could be for gas. This is actually the beginning of a material re-pricing higher for oil.”

Goldman Sachs’ base case scenario is for Brent to hit $90/barrel by the end of the year.

The US crude futures stood at $81.45/barrel on Thursday afternoon, while international benchmark Brent crude futures were trading at $84.21/barrel in Asia.