Goldman Sachs is predicting a “material” rally in the oil price will get underway in 2021, toward a target of $65 a barrel for Brent Crude, rewarding “patient” bulls who have so far been disappointed by the Covid second wave and political uncertainty in the run-up to the US election.

The US investment bank’s note, published on 1 November, is set against the backdrop of resurgence of Covid-19 cases in Europe and subsequent renewed lockdowns, dealing another blow to international travel and oil demand.