Goldman Raises Its Forecast For Brent Price in Q3 to $75 a barrel

Goldman Commodities Research raised its Brent crude oil price forecast of $10 for Q2 and Q3 of 2021, indicating lower expectations for stocks and higher cost margins for resuming upstream activities and speculative inflows.

The American bank expects Brent prices to reach $70 a barrel in Q2, from the $60 it had previously expected, and to reach $75 in the Q3 from $65 previously.

The bank now expects global oil demand to reach 100 million barrels per day by late July 2021, compared to its previous forecast for August 2021.

Oil prices rose on Monday as the slow return to US crude production, which has been reduced by freezing weather, sparked supply concerns while demand recovers.

Goldman expects the freezing weather in Texas to lead to a global deficit of 1.5 million barrels per day this month and cut production by 0.2 million barrels per day in March due to damaged infrastructure and other factors.