Goldman Sachs slashes its oil price target as banking fiasco boosts recession fears
earlier this month sparked an ongoing banking crisis that is raising the rising risk of a recession.
But Russian exports proved resilient, China's economy rebounded slowly, and a milder-than-expected winter has led to reduced demand. Oil prices are down by about 50% from a March 2022 high of $130 per barrel. "Historically, after such scarring events, positioning and prices recover only gradually, especially long-dated prices," a Goldman Sachs team led by Daan Struyven wrote in a note over the weekend."Our adjustment also reflects somewhat softer fundamentals, namely higher-than-expected near-term inventories, moderately lower demand, and modestly higher non-OPEC supply."
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