Goldman Sachs has raised its Brent crude oil price forecasts for the second half of 2024 and 2025:
- US$86/barrel and $82/barrel respectively
- from before at $85 and $80
In a note published on Tuesday, Goldman Sachs said it expected a further moderation of the geopolitical risk premium, still high, from 5 to 10 dollars per barrel of crude oil, in the coming months.
- still holds a limited view to the beach
- there is an increase in crude stocks landed over the past month as crude oil on water is unloaded on land
“Stocks are rising in our OECD landed stock tracker – a key driver of oil prices – as significant amounts of on-water oil (partly due to Red Sea rerouting) are now being unloaded on earth, thus reducing the physical impermeability.”
Oil price update:
This article was written by Eamonn Sheridan at www.forexlive.com.
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