(Bloomberg) — Goldman Sachs Group Inc. minimize its oil worth forecasts, as tariffs scale back the outlook for US progress whereas OPEC and its allies enhance output.
The financial institution now sees Brent crude at $71 a barrel in December, $5 lower than beforehand, and US benchmark West Texas Intermediate at $67. Brent will commerce in a spread of $65 to $80 a barrel, and common $68 subsequent yr, analysts together with Daan Struyven mentioned in a be aware dated Sunday.
“The medium-term dangers to our forecast stay to the draw back given potential additional tariff escalation and doubtlessly longer OPEC+ manufacturing will increase,” they mentioned.
Goldman lowered its forecast for oil demand progress this yr by 18% to 900,000 barrels a day because the US economic system slows on greater tariffs. Larger provide from the Group of Petroleum Exporting International locations and its allies can also be contributing to looser balances.
Brent was buying and selling at round $71 on Monday, after falling about 14% from this yr’s excessive in January.
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