Goldman Sachs sees the price of Brent crude rising to $86 per barrel this summer due to strong consumer demand.
Brent crude prices are set to rise to $86 per barrel this summer amid strong consumer demand which will put the market into a sizeable deficit in the third quarter, according to Goldman Sachs . Oil prices started this week higher, with a slight gain in Asian trade on expectations of higher fuel demand during the summer driving season. As of 801 a.m. EDT, the U.S. benchmark, WTI Crude, was trading at $76.03, up by 0.65%.
25 million bpd, but noted it still sees robust global demand thanks to recovering jet fuel consumption. “We still see a $90/bbl ceiling in our base case of no geopolitical supply hits, and the risks to our $75-$90 range as modestly to the downside,” Goldman’s analysts wrote. The investment bank also sees a floor of $75 per barrel under Brent, due to physical demand for crude, which tends to rise amid lower prices, including in China and in the U.S.
Crude Oil Oil Prices Demand Forecast Supply WTI Brent
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