There is a divided view in global markets regarding a possible recession in the American economy. One group of economists believes that a recession in the American economy is inevitable, while the other group argues that positive indicators in the labor market will keep the likelihood of a recession low. In this case, oil prices are also at the center of this conflict. While some economists argue that supply cuts from OPEC and other producers will raise prices and increase the risk of recession, others think that rising prices will positively affect the profits of some major oil companies and contribute to economic revival.
In this environment of uncertainty, the American-based financial services organization Goldman Sachs increased its 12-month Brent oil forecast from 93 dollars to 100 dollars, due to the increase in demand and the shrinkage of the market by the supply restrictions of OPEC + countries.
There is also a decrease in oil prices before the Fed’s interest rate decision to be announced today. While US crude oil fell below 90 dollars per barrel, Brent is traded at 92.43 dollars, with a 1.40 percent decrease compared to yesterday.