Goldman Sachs lowers oil price forecast by almost 10% amid market uncertainty.

Goldman Sachs has lowered its year-end price target on Brent and West Texas Intermediate (WTI) due to significant supply beats from Iran and Russia, which have driven speculative positioning to near record-lows. The firm now predicts Brent will cost $86 per barrel, down from a prior forecast of $95, while WTI is predicted to cost $81 per barrel, compared to the previous prediction of $89. However, the analysts are more bullish on crude going into next year, with a forecast that rising emerging market demand, slowing US supply, and OPEC cuts will lift Brent to $93/bbl by May 2024.