12 Days
Source:
Sky News
Goldman Sachs warns of weak demand impact on oil forecasts
Goldman Sachs has reported that weak demand for oil in China and Europe poses a significant threat to their price forecasts, which anticipate Brent crude at around $90 per barrel and West Texas Intermediate at $83. Despite supply disruptions in the Middle East potentially supporting higher prices, data from April indicates a decline in demand by two million barrels per day. This could lead to a downward revision of their crude oil price outlook by approximately ten dollars per barrel. The bank explained that weak consumption of raw materials in Asia is impacting production, with declines in naphtha and LPG demand in India, while demand for gasoline remains weak in China and Europe.
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