Lates News

Goldman Sachs Group raised its oil price forecasts for the end of this year and for 2027, citing rising risks to crude supply. As the Middle East conflict drags on for months, Goldman Sachs has joined other banks in raising oil price forecasts. Analysts led by Daan Struyven and Yulia Zhestkova Grigsby noted in a report that Brent crude is expected to reach $105 per barrel in December, up from the previous forecast of $90; the average price for next year is expected to be $88 per barrel, 10% higher than the previous forecast. The analysts also raised their price forecast for WTI crude. The analysts wrote: "There are significant downside risks on the supply side that could keep the short-term risk premium at a relatively high level." They added in a report released on November 1 that the market "is increasingly pricing in the risk of escalation after the U.S. midterm elections on November 3, and the subsequent potential weakening of Middle East crude supply."