News & Analysis / Analysis / Goldman Sachs Predicts a Rise in Brent Crude Oil Prices

Goldman Sachs Predicts a Rise in Brent Crude Oil Prices

FXOpen

According to CNBC, Goldman Sachs analysts believe that Brent crude oil prices should increase in the third quarter due to summer fuel demand leading to a “significant” deficit—approximately 1.3 million barrels per day. They forecast that the price of Brent could rise to $86 per barrel with a “ceiling” around $90.

This implies an approximate +7% increase from current levels and a continued rise from the low set on 4 June. How realistic is this?

Technical analysis of the XBR/USD chart indicates that:
→ In the long term, Brent crude oil prices are forming oscillations with diminishing amplitude—pattern A-B-C-D-E. This is a large-scale narrowing triangle, reflecting the balance of supply and demand around the median level, which is approximately around $83.50. This balance has been apparent since 2023.
→ A sharp bullish reversal and rise from the lower line indicates strong demand for Brent crude below $78.
→ Yesterday, bulls broke through the former support at $80.40 after an intraday correction, confirming their dominance.

If the bullish momentum doesn’t completely fade around the median line of the narrowing triangle, technically, the price of Brent crude oil could reach its upper boundary, which coincides with the ceiling forecasted by Goldman Sachs analysts.

Additionally, inflation news could have a significant impact on the XBR/USD exchange rate—the Consumer Price Index (CPI) release is scheduled for tomorrow at 15:30 GMT+3.

Start trading commodity CFDs with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Instrument
Live ECN bid
Live ECN ask
Action
EURUSD
1.10441
1.10443
Trade
GBPUSD
1.31134
1.31138
Trade
AUDUSD
0.63531
0.63535
Trade
USDJPY
146.268
146.272
Trade
USDCAD
1.40506
1.40511
Trade
More
Commodity CFD Trading with FXOpen

Commodity CFD Trading with FXOpen

  • Trade with tight spreads and low commissions
  • Choose from 4 trading platforms: MT4, MT5, TradingView, or TickTrader
  • Experience ECN technology for deep liquidity and light-speed trade execution
Learn more

Latest articles

Forex Analysis

USD/CHF Falls to Its Lowest Level in Nearly Five Months

Today, the exchange rate of one US dollar against the Swiss franc dropped below 0.87000 francs—its lowest level since early November 2024.

Since the start of 2025, the USD/CHF pair has declined by more than 4%.

Why

Indices

S&P 500 Index Hits 2025 Low Following Trump's Tariff Announcement

As shown on the S&P 500 Index (US SPX 500 mini on FXOpen) chart, the benchmark US stock index dropped below 5,450 points for the first time in 2025. This decline reflects the US stock market’s

Forex Analysis

Interest in the Dollar Declines Amid Trump's Escalating Trade Wars

The tariffs introduced by Trump yesterday on imports from various countries—20% on the EU, 34% on China, and 46% on Vietnam—have heightened uncertainty in the currency markets. As expected, these measures have contributed to increased volatility in major

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.