Goldman Sachs Predicts Oil Prices Will Climb to $75 This Summer as Foreign Dependence Increases

Oil prices will rally faster and sharper than previously expected

(FoxBusiness.com) — Oil prices will rally faster and sharper than previously expected as demand outstrips supply increases from OPEC+, Iran and U.S. shale, according to Goldman Sachs Group Inc.

A reopening of the global economy will help demand return to pre-COVID-19 levels, but inventories remaining tight into the summer will cause West Texas Intermediate crude oil, the U.S. standard, to reach $67.50 per barrel in the second quarter and $72 in the next three months, according to Goldman. The firm previously forecast WTI would hit $62 this summer.

Goldman said Brent crude oil, the international standard, will hit $75 this summer, up from its previous forecast of $65.

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