Analysts said in a note issued by the investment bank, on Thursday, that the price of standard crude to $ 75 a barrel during the next three months compared to previous estimates of $ 62 a barrel.
In the next six months, Goldman Sachs sees Brent crude at $ 82.50 a barrel and $ 75 a barrel in the next 12 months.
Brent crude was $ 71.28 a barrel last week, its highest level in three years.
But Goldman Sachs says Brent crude will return to $ 60 a barrel by 2020.
Goldman Sachs believes the oil market is already in equilibrium between supply and demand, six months ahead of expectations.
He said he expects demand for oil next year to be 1.6 million barrels per day, stressing that economic growth around the world means that consumption may be stronger.
The US bank increased its forecast for growth in oil demand this year to 1.86 million barrels per day against previous estimates of 1.73 million barrels per day.
By 9:36 pm GMT, Brent crude rose more than 1.3% to $ 69.82 a barrel and the Nymex rose 2.1% to $ 66.07 a barrel.
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