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"Goldman Sachs is now even more bullish on oil, expecting Brent Crude prices to hit $75 a barrel in the third quarter this year, on the back of faster market rebalancing, lower expected inventories, and traders hedging against inflation.  In a note on Sunday, cited by Forexlive, the investment bank&rsquo;s analysts forecast Brent Crude prices reaching the $70 a barrel mark during the second quarter of this year, and hitting $75 in the third quarter. Goldman Sachs is thus lifting its previous Q2 and Q3 forecasts by $10 per barrel.  &ldquo;Faster re-balancing during what was expected to be the dark days of winter will be followed by a widening deficit this spring as the ramp-up in OPEC production lags our above-consensus demand recovery forecast,&rdquo; said Goldman Sachs.  &ldquo;We further believe that this additional rally will be supported by the current repositioning for a reflationary environment with investors turning to oil, buying a lagging real asset that benefits from a stimulus-driven recovery and has demonstrated an unmatched ability to hedge against inflation shocks,&rdquo; the analysts noted.  Goldman expects the lower inventories will lead to an oil price rally sooner and at higher price levels.    On Monday morning, Brent Crude prices were up by 2 percent at $64.18 at 954 a.m. ET, while WTI Crude again moved above the $60 per barrel mark, having risen 2.6 percent at $60.78.  Earlier this month, Goldman Sachs had another bullish&nbsp;message for oil markets, saying in a note that it expected global oil demand to recover to pre-pandemic levels of 100 million bpd by August this year.  According to Goldman, the oil market was in a deficit of 2.3 million bpd in the final quarter of 2020. With supply still tight at the start of 2021, the immediate future for prices is bright despite expectations for a slow demand recovery.  By Tsvetana Paraskova for Oilprice.com"
<https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Sees-75-Oil-In-Q3-2021.html>