Brent seen lower at $65.5/bbl in Q3 2019 – Goldman Sachs
After the Goldman Sachs analysts offered their near-term upbeat outlook on Brent oil a day before, the team now believes that the bounce in oil prices could be limited and the prices are likely to decline by end-2019.
Key Quotes:
“Beyond the next couple months, however, we continue to believe that all these supply and demand crosscurrents will dissipate to bring a balanced global oil market, once new Permian transport capacity is online and core-OPEC ramps up.
… we also discuss in this report, we expect Russia's crude issues to be transient and soon allow for higher production.
We, therefore, remain comfortable with our view that oil prices will sequentially decline later this year with our 3Q19 Brent forecast of $65.5/bbl.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
