Goldman Sachs raises its average price forecasts for Brent in 2Q and 3Q by $10 each. The bank now expects Brent to hit $70 a barrel in 2021's second quarter and $75 in its third. "The cross-asset oil outperformance this year remains driven by fundamentals with better than expected demand and still depressed supply once again creating a larger deficit than even we expected in January and February, and with timespreads strengthening," Goldman's Damien Courvalin says. "We now forecast that oil prices will rally sooner and higher, driven by lower expected inventories and higher marginal costs."
