Goldman Sachs reveals new forecasts for oil market conditions by Arab Trader

Arabictrader.com – Economists at the American investment bank Goldman Sachs reported, in a note, their expectations for oil price movements over the next year, and in this regard, experts explained that the benchmark price may rise to $92 per barrel on average during the year 2024.

Likewise, the US Bank analysts’ note indicated the following expectations:

• Demand may remain strong in 2024.
• OPEC oil supply will remain at low levels.
• Growth in oil supply from outside the Organization of the Petroleum Exporting Countries (OPEC) is likely to slow, especially in the United States.
• Easing crude oil supply restrictions in the post-pandemic period and increasing oil supplies from some sanctioned economies are unlikely to boost supply growth, given the presence of other factors that may lead to a decrease in oil supply in the markets.
• The recent decline in oil prices is due to a supply surprise and increased supplies.

In terms of spot crude oil futures trading today, Brent crude futures prices rose by approximately 0.52% to reach $77.86 per barrel. At the same time, US West Texas Intermediate crude futures prices rose by approximately 0.79% to $73.63 per barrel.

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