Goldman Sachs slashed its December Brent forecast to $86 /bbl (from previous estimate $95)

Goldman Sachs Goldman Sachs Goldman Sachs is a multinational investment bank and financial services company headquartered in New York City. It was founded in 1869 and is one of the largest and most well-known investment banks in the world.Goldman Sachs has a mixed reputation. On one hand, it is known for its expertise in investment banking and its role in many high-profile financial deals. On the other hand, it has faced criticism and controversy over the years, including accusations of unethical business practices and con Goldman Sachs is a multinational investment bank and financial services company headquartered in New York City. It was founded in 1869 and is one of the largest and most well-known investment banks in the world.Goldman Sachs has a mixed reputation. On one hand, it is known for its expertise in investment banking and its role in many high-profile financial deals. On the other hand, it has faced criticism and controversy over the years, including accusations of unethical business practices and con Read this Term had been persistently amongst the most bullish of analysts for oil prices. Its now issued its third downward revision of its Brent forecast in the last six months.

Dropped its Brent forecast for December to $86 a barrel

• down from its prior projection of $95 (and $100 before that)

GS citing:

• Supply increases from Russia, Iran and Venezuela (all are facing sanctions)
• Supply output from Russia has “nearly fully recovered”
• Gaining recession fears
• persistent headwinds to higher prices from higher interest rates

As background to the revision lower, Jeff Currie, Goldman’s head of commodities Commodities Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Commodities are assets that are either naturally grown or occurring in the environment. Most commonly this includes precious metals such as gold, silver, and palladium.Beyond metals, commodities can also focus on agricultural or industrial goods that are central to manufacturing or other sectors. This includes crude oil, copper, wheat, and others.Relative to other assets, commodities are an extremely complex form of investment, with many similarities and differences to existing products.Commodit Read this Term research, said in a Bloomberg Television interview last week

• “We have never been this wrong for this long without seeing evidence to change our views”

Oil markets open for the week's trading in a couple of hours.