Goldman Sachs has increased its price forecast for Brent crude oil, anticipating an average of $110 a barrel in 2013. This revision reflects a reassessment of global oil demand, which the firm now believes will be stronger than previously estimated.

The investment bank’s analysts pointed to several factors influencing their updated outlook:

• Increased Global Consumption: Emerging markets, particularly in Asia, are demonstrating robust demand for oil.
• Geopolitical Risks: Ongoing instability in key oil-producing regions continues to support higher prices.
• Supply Constraints: Production disruptions and limitations in certain areas are contributing to a tighter market.

Goldman Sachs’s revised forecast suggests a continued bullish outlook for the oil market, driven by a combination of demand-side and supply-side pressures. The firm’s analysis indicates that these factors are likely to persist throughout the year, supporting elevated price levels.