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.