$75 then $80 Brent in third quarter Following the cartel's decision to leave its production constrained, Goldman Sachs raised its oil price forecast for Brent crude by US$5.00 to US$75.00 per barrel in the second quarter and US$80.00 in the third.
"We were already bullish oil prices because we expected OPEC's conservative demand expectations to leave its ramp-up lagging our above consensus demand forecasts. We believe it is now clear that OPEC+ is in fact pursuing a tight oil
market strategy, with our updated supply-demand balance pointing to OECD falling to their lowest level since 2014 by the end of this year," the investment bank said in a note.