“The medium-term risks to our forecast remain to the downside given potential further tariff escalation and potentially longer OPEC+ production increases,” they said.
Goldman Sachs cut its oil price forecasts, as tariffs reduce the outlook for US growth while OPEC and its allies boost output.
The bank now sees Brent crude at US$71 ($94.69) a barrel in December, US$5 less than previously, and US benchmark West Texas Intermediate at US$67. Brent will trade in a range of US$65 to US$80 a barrel, and average US$68 next year, analysts including Daan Struyven said in a note dated Sunday.
