Goldman Sachs expects oil prices to rise during the third quarter of this year, driven by increased demand during the summer season.

According to the bank, the oil market is expected to record a deficit of 1.3 million barrels per day during this period. Which will lead to the price of Brent crude rising to $86 per barrel.

This expected increase is due to two main factors: first, the strong growth in consumer spending during the summer, and second, the recovery in demand for jet fuel as air travel returns to recovery.

Despite lowering its forecast for oil demand growth in 2024 by 0.2 million barrels per day to 1.25 million barrels per day, Goldman Sachs remains optimistic about the path of overall demand, stressing that the recovery in demand for jet fuel will be a major factor in this.

The bank maintained its previous forecast for average annual oil prices in 2024. He believes that Brent crude will reach $84 and West Texas Intermediate crude will reach $79 per barrel.

The bank also maintains its expected range for Brent crude prices between $75 and $90 per barrel for 2024, with its average forecast for 2025 remaining at $82 per barrel.