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Goldman Sachs forecasts the biggest jump in oil demand ever

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A pumpjack (oil derrick) and oil refinery in Seminole, West Texas.
David Sucsy | Getty Images

Goldman Sachs is forecasting the largest jump in oil demand on record as the world opens up again amid the Covid-19 vaccination rollout.

The firm is raising its outlook on oil based on this expected upswing in demand. "The magnitude of the coming change in the volume of demand — a change which supply cannot match — must not be understated," it said Wednesday in a note to clients.

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