Goldman Sachs' weekend oil note with updated forecasts, lower:
Brent projected at
- $94 a barrel for the 12 months ahead
- $97 a barrel in the second half of 2024
- versus $100 a barrel previously
"Oil prices have plunged despite the China demand boom given banking stress, recession fears, and an exodus of investor flows"
"Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices."
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Goldman Sachs have been bullish oil, repeating that $100 forecast over and over and over again. Not any more.
