Goldman Sachs No Longer Sees Oil Reaching $100 This Year

Goldman Sachs No Longer Sees Oil Reaching $100 This Year

Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand from China.

Goldman Sachs no longer sees oil reaching $100 this year

The bank's analysts now see Brent reaching $94 a barrel for the 12 months ahead, and $97 a barrel in the second half of 2024, versus $100 a barrel previously.

Goldman Sachs no longer believes oil prices will reach $100 this year

The bank now expects that OPEC producers will not increase production until the third quarter of 2024