Goldman Sachs Raises Oil Price Forecast Yet Again
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- Goldman Sachs has raised its oil price forecast, projecting Brent crude to average $90 per barrel and West Texas Intermediate (WTI) at $83 per barrel in Q4, amid ongoing uncertainty in Iran-U.S. negotiations.
- Current trading prices are significantly higher, with Brent at $106.68 and WTI at $95.35 per barrel, driven by supply disruptions and geopolitical tensions.
- The bank warns of a substantial demand decline, estimating a drop of 1.7 million barrels per day in the current quarter and continued reductions into 2026 due to high prices and supply shocks.
- ING analysts highlight that the persistent supply shortfall of approximately 13-14.5 million barrels per day is tightening the market, pushing prices higher and necessitating demand destruction to balance supply.
- Both Goldman Sachs and ING emphasize that sustained high prices and inventory depletion will lead to further demand reductions if the supply disruptions continue.
