Goldman Sachs predicts a $75 per barrel floor for Brent crude oil prices, despite recent market volatility driven by recession fears.
Goldman Sachs expects a $75 per barrel floor under Brent Crude prices that is unlikely to be breached due to the current macroeconomic fears of a U.S. recession. Oil prices slumped by 6% in the past few days, dragged down by weaker-than-expected jobs data in the U.S. on Friday, which sparked a massive selloff in equity markets globally and in risk assets, including crude oil. Early on Tuesday, Brent Crude prices were down by 0.43% on the day to $75.96 as of 837 a.m.
July employment report and the impact of volatile financial conditions on oil demand further skew the risks to our $75-90 range for Brent prices to the downside, especially in 2025, our base case remains that oil prices will find support in coming weeks,” Goldman Sachs analysts wrote in a note dated Monday. Goldman put out a $75-$90 range to its Brent forecast earlier this year.
Oil Prices Goldman Sachs Recession U.S. Economy Oil Demand OPEC+ Commodities Speculative Positioning Market Volatility
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