Goldman Sachs lowers second quarter oil price forecast due to ceasefire agreement.

Goldman Sachs has lowered its oil price forecast for the second quarter, citing a temporary ceasefire between the United States and Iran as the reason for easing recent risk premiums. The American bank currently expects Brent crude oil prices to be $90 per barrel in the quarter, while West Texas Intermediate prices are expected to be $87 per barrel, down from previous forecasts of $99 and $91 respectively. Goldman Sachs maintains its forecasts for the third and fourth quarters, with Brent crude oil forecasted at $82 and $80 per barrel, and West Texas Intermediate forecasted at $77 and $75 per barrel. Analysts added that the risks remain skewed to the upside due to potential longer supply disruptions and oil production losses.