Russia’s energy minister calls oil at $50 to $55 a barrel in 2021

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“The future recovery is going to be much slower,” Novak told CNBC as demand concerns weighed on crude prices. Goldman on the other hand expects oil to reach $65 next year. Goldman also said they expected West Texas Intermediate to rally to $55.88 a barrel by the third quarter of next year, up from $51.38 a barrel in earlier forecasts, Business Insider reports.