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March 5, 2026

And More June 6, 2022

Goldman Sachs Economists Expect Oil Prices To Reach $140 a Barrel This Summer

And More ı By Rochdi Rais

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Goldman Sachs
Goldman Sachs economists forecast oil prices will soar to $140 a barrel this summer, with a drop in Russian production and a gradual recovery in Chinese demand adding to the pressure on already low supplies. However, they said that consumers will feel as though oil has hit $160 a barrel, because a lack of capacity at refineries means gasoline and fuel prices are rising more than would normally be expected, adding to costs across the economy. Oil pricessoared  50% this year as a result of Russia's invasion of Ukraine and broader supply and demand imbalances. High oil prices have pushed US gas prices to a record high of $4.92 a gallon, according to the AAA. Brent crude, the international benchmark, and WTI crude, the US benchmark, traded at around $119 and $118 a barrel respectively Tuesday. Goldman's analysts, including chief commodities strategist Jeff Currie, said in a note Monday that they expected prices to go higher "given the current record low levels of inventories." They predicted Brent will average roughly $140 a barrel in the third quarter of the year, but said it could go higher.

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Rochdi Rais
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Rochdi Rais

Rochdi Rais is the chief content officer and financial and legal writer at USA Herald. He has been writing about finance, law, cryptocurrency and US politics for years with over +4000 articles published during his career.

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