“We expect Brent to stay above US$70 a barrel in coming months,” but “we no longer see US$70 as the price floor,” head of commodities research Daan Struyven wrote. Brent futures are currently hovering around US$71.
Goldman Sachs Group joined fellow banks Monday in cutting oil price forecasts as Wall Street increasingly sees a home for crude in the US$60s.
Goldman initially stuck with previous price projections when OPEC+ confirmed plans to increase oil production earlier this month, but with US economic growth under mounting pressure, the bank lowered its outlook price in a note. Its expected range for Brent was reduced to US$65-$80 a barrel from US$70-$85.
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