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Goldman raises oil forecast, sees bounce to $72 this 12 months for U.S. costs

Pumpjacks function within the snow within the Permian Basin in Midland, Texas, U.S, on Saturday, Feb. 13, 2021.

Matthew Busch | Bloomberg through Getty Pictures

Goldman Sachs is elevating its oil value forecast as three key components ought to drive costs larger: low inventories, a gradual return to prior manufacturing ranges and speculative inflows. The agency now sees West Texas Intermediate crude hitting $72 by the third quarter, with Brent crude reaching $75. Goldman’s prior forecast had Brent at $65 throughout the third quarter.

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