Goldman Sachs has raised its Brent oil forecast to US$100

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Goldman Sachs has raised its Brent oil forecast to US$100

Goldman Sachs has hiked its 12 month forecast for Brent crude from its previous $93 to $100.

• says that "most of the rally behind us"
• "We believe that OPEC will be able to sustain Brent in an $80-to-$105 range in 2024 by leveraging robust Asia-centric global demand growth"
• "OPEC is unlikely to push prices to extreme levels, which would destroy its long-term residual demand"
• deficit estimated at 2 mn barrels a day in Q3 2023 and of 1.1 mn barrels a day in Q4 2023
• global consumption at a record level

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Goldman Sachs has raised its Brent oil forecast to US$100

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