Oil prices soared in recent days, with Brent rising to its highest point since early November. The tightness in the market is real, but prices may not increase a whole lot more from here. “We don’t think you’re going to get back to those $80 levels again, so you’ve got some modest upside here,” Goldman Sachs’ head of commodities research, Jeff Currie, told CNBC this week. Currie and his team of analysts laid out a bullish narrative in an April 8 research note. “Brent prices have finally reached $70/bbl, following a fundamentally led rally reflective of a deficit larger than even we had forecast,” the Goldman analysts wrote. The OPEC+ production cuts were phased in quickly, a strategy Goldman dubbed “shock and awe.” In contrast, the group phased in cuts in 2017, which resulted in a protracted effort that only gradually reduced inventory levels. Meanwhile, sanctions on Venezuela and […]