Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts

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Goldman Sachs (GS) revised up its Brent Oil price forecast for December 2023 by $5 to $95 a barrel, as well as increasing the December 2024 forecast by $3 to $100 a barrel, in their research note published on Sunday. The latest upward revision of GS’ oil forecasts could be linked to a surprise output cut from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known collectively as OPEC+.

Also read: Breaking: WTI crude oil jumps 7.0% to $81.00 on surprise OPEC+ output cut

Also read: WTI Price Analysis: Corrects to $80.00 after a gap-up move, volatility to remain high

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