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G Sachs Cuts Brent Oil Futures & Global Oil Demand Forecasts, Expects Tariffs to Weigh on US Econ
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Goldman Sachs lowered its oil price forecast, citing a tariff war that dampened expectations for U.S. economic growth, alongside increased production from OPEC and its allies. The broker lately predicted Brent oil futures will trade between USD65 and USD80 per barrel, revising its December target price down by USD5 to USD71 per barrel, with an average price of USD68 expected next year. For New York oil futures, the December target price is set at USD67 per barrel. Goldman Sachs also reduced its oil demand growth forecast for this year by 18%, bringing it to 900,000 barrels per day. In today’s (17th) early Asian trading session, May Brent oil futures rose 1.05% to USD71.32 per barrel, while April New York oil futures hiked 1.09% to USD67.91 per barrel. AAStocks Financial News |
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