Goldman ups oil outlook as Brent exceeds $120
Goldman Sachs team has raised their oil price forecasts, expecting Brent to reach $85 and U.S. crude to $80 by December 2026. The prices are projected to rise to $80 and $75 respectively in 2027. The reasons include increased likelihood of prolonged conflict in the region and futures for Brent climbing to $97, with a 25% chance of exceeding $100 by March 2027. However, the bank described this upward revision as modest, noting that inventories are not significantly depleted and the importance of national oil reserves is decreasing, with production in the Middle East gradually increasing. Potential risks include ongoing attacks on oil shipments and their impact on prices, especially if refinery outages in Russia or the Middle East persist.
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