Goldman Sachs Group Inc. once again lowered its oil price forecasts as global supply increased and demand decreased. The bank lowered its Brent oil forecast for December from $95 to $86 a barrel. This marked Goldman’s third downward revision of its forecasts in the last six months, after forecasting a rise of $100 per barrel.
According to Goldman, supply increases from countries facing sanctions such as Russia, Iran and Venezuela are a key factor in the low price expectation. Russia’s supply, in particular, has almost completely recovered despite the sanctions of Western countries.
High interest rates, including Goldman analysts Callum Bruce and Currie, said that concerns about higher prices are likely to put pressure on oil prices, as higher interest rates create a persistent adverse effect.
As of 10:10, the price of Brent crude oil decreased by 1.6 percent to $ 73.78, while the price of a barrel of US West Texas (WTI) type crude oil decreased by 1.73 percent to $ 69.22.
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