The firm believes OPEC's supply cuts will sustain prices in a range between $80 and $105 in 2024.
Oil prices are looking to edge as high as $100 a barrel, according to Goldman. Nonetheless, the firm believes the economy is still headed toward a soft landing despite the rise in the fuel prices. Goldman raised its 12-month ahead Brent forecast to $100 per barrel from $93,. The commodity has rallied 30% since late June due to OPEC supply cuts and strong demand. Brent touched a high of $95.96 on Tuesday, its highest level since Nov. 2022, before shedding nearly 0.9% at $93.52 Wednesday morning.
"Overall, we believe that OPEC will be able to sustain Brent in an $80-$105 range in 2024 by leveraging robust Asia-centric global demand growth and by exercising its pricing power assertively." The strong OPEC cut means that Brent is unlikely to consistently fall under $80 a barrel next year, Struyven added. He also believes Brent prices are unlikely to sustainably exceed $105 a barrel next year. Higher oil prices have boosted inflation , sparking concerns in the market.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Oil price will not move past $100 on a sustained basis over the next 12 monthsThe price of Brent Crude has reached $95/bbl, the highest level since November 2022. Economists at UBS analyze Oil’s outlook. Strong fundamentals will
Leer más »
Save $100 on the world-class Garmin Enduro 2 running watch at AmazonThe Garmin Enduro 2 adventure watch has been reduced by $100 at Amazon, perfect if you're looking for masses of features and super-long battery life.
Leer más »
Take the Plunge: This Bestselling Ice Bath Is on Sale for Under $100Ready to take the plunge? Here’s what you should know about cold-water therapy and ice baths.
Leer más »
Pump prices hit 2023 high as a barrel of crude marches toward $100At a time of year drivers expect to see some gas price relief following the end of the summer vacation season, prices at the pumps across the U.S. just hit a high for the year and further increases may be in store.
Leer más »
Oil at fresh highs as Chevron CEO predicts crude will return to $100 a barrelOil prices are pushing higher again on Tuesday, while Chevron CEO Mike Wirth said the commodity was headed in the direction of $100 a barrel.
Leer más »