Goldman Sachs reduced its December forecast for global benchmark crude prices by almost 10% this week, partly attributing the move to higher-than-expected supplies from Iran and Russia.
In a note dated Sunday, Goldman cut its December 2023 Brent oil forecast to $86 a barrel from $95, citing “significant supply beats from Iran and Russia that have “driven speculative positions to near record-lows.” It also lowered its 2023 Brent forecast to $82 from $88 and its 2024 forecast to $91 from $99.
The…
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