Mubasher: Oil prices fell sharply today, Monday, amid anticipation of the Federal Reserve meeting later this week.
US oil futures fell by more than 4% to $67.39 a barrel.
This comes at a time when Goldman Sachs has lowered its forecast for the price of oil again this year, with increasing supplies and fears of demand. Although the bank was one of the biggest bulls on oil prices, it cut its forecast for Brent crude to $86 from $95 a barrel, and lowered its forecast for West Texas crude to $81 from $89, according to a report released Monday and reported by Bloomberg.
The report indicated that the Russian and Iranian oil supplies exceed expectations by a large degree, despite the reduction in Saudi production.
This is the third revision during which Goldman has lowered its forecast for oil prices in the past six months, after it had expected the price to reach $100 a barrel.
“We’ve never gone so long without seeing evidence to change our views,” Jeff Currie, head of commodity research at the bank, said in an interview with Bloomberg TV last week.
In its report, the bank said that Russia’s production, in particular, had “almost fully recovered” despite sanctions imposed by Western countries.
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2023-06-12 14:50:07
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