Goldman Sachs, JPMorgan accept Opec was right as they embrace oil near $80

Wall Street’s biggest banks have changed sides and are embracing a surge in oil prices.

Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co. have all issued a flurry of bullish forecasts in the past fortnight. They’ve abandoned their skepticism and are accepting that Opec’s output cuts are finally succeeding in clearing a global glut.

This faith is a recent phenomenon. At almost every stage of Opec’s quest to end the industry’s worst downturn in decades, there were a few prominent analysts ready to cast doubt on the effort.

Now, the “New Oil Order” that Goldman declared in 2014 -- effectively