International benchmark Brent crude prices will average $140/bbl between July and September and hang near that level through the first half of next year, analysts at Goldman Sachs Group forecasted.

wti brent graph

That marks a substantial jump from their earlier call for global prices to average $125 in the third quarter.

Prices may need to climb even higher to balance supply with demand, the analysts said. They noted continued supply challenges imposed by Russia’s war in Ukraine and expected demand increases during the coming summer months.

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“A large spike in prices remains quite possible this summer, when demand seasonally reaches its peak,” the Goldman...