Crude oil futures (CL=F, BZ=F) pick back up Monday as Goldman Sachs analysts predict Brent crude prices could reach $86 per barrel this summer. Yahoo Finance Energy Reporter Ines Ferré breaks down the price action anticipated in oil commodities.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan.

Video Transcript

Oil prices soaring today, climbing to a one week high, one analyst saying prices won't get any cheaper ahead of a summer filled with strong demand.

And Yahoo finances in es farre joins us now for more on ES yeah, Josh and Goldman Sachs Analysts are saying that Brent crude is expected to go to $86 per barrel on during the third quarter.

Goldman analysts is still expecting the range for oil to be anywhere between $75.

That's the floor for Brent and $90.

That would be the ceiling for Brent.

If we take a look at what happened today, we did see oil prices rallying.

We saw that was up more than 3% today, Brent crude up more than 2%.

Remember that we have been on a downward trend, so there were some analysts that were saying that we were in oversold territory.

But what Goldman analysts are saying is Look, you have a strong summer demand, transportation and cooling needs also saying that, but when the price gets too high, you do have later on.

This year, OPEC plus is expected to start unwinding its voluntary cuts, and if the price falls too much.

Then you have buyers like China, like the US for its S PR buying into the falling prices.

So that's why they're expecting that range to stay between 75 and 90 for Brent.