Goldman Sachs "significantly" cut its oil price forecasts Tuesday amid fears of slowing economic growth. Still, analysts led by Damien Courvalin said crude will likely bounce off current levels, with oil hovering right around a nine-month low. Courvalin now forecasts Brent averaging $100 per barrel during the fourth quarter, down from a prior target of $125. He sees the contract averaging $105 for the first half of 2023, and $110 for the back half of next year. Both WTI and Brent briefly spiked above $130 per barrel, sending prices at the U.S. pump surging to record levels.

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