Goldman Sachs has raised price forecasts for Brent crude futures following a surprise announcement from OPEC+ that the producer alliance will cut oil output further.
The price forecast for Brent for December 2023 was increased by $5 to $95 a barrel, while that for December 2024 was raised by $3 to $100 a barrel, Goldman analysts said in a note on Sunday.
Brent futures surged to a near one-month high of above $86 a barrel at the start of Monday's trading following the OPEC+ announcement. "The risks around cutting production have become asymmetric given how short positioning has become, and because price increases in response to tightening events can be stronger when the market is short."
The bank estimated that the output reduction could provide a 7% boost to oil prices, contributing to higher Saudi Arabia and OPEC+ oil revenue.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Goldman Sachs raises Brent oil price forecasts after OPEC+ output cutsGoldman Sachs (GS) revised up its Brent Oil price forecast for December 2023 by $5 to $95 a barrel, as well as increasing the December 2024 forecast b
Baca lebih lajut »
Your Next Greece Getaway Could Be at a Hotel Owned by Goldman SachsGoldman bought three hotels overlooking the Aegean Sea. Next up: a renovation and a new brand.
Baca lebih lajut »
Goldman Sachs owns 3 hotels in Greece, wants to buy more: reportInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Baca lebih lajut »
USD/CAD retreats from 1.3500 as OPEC’s surprise cut drives oil price, US PMI eyedThe USD/CAD has retreated from 1.3520 after a rebound attempt followed by a gap-down opening from 1.3488 in the early Tokyo session. The Loonie asset
Baca lebih lajut »
Goldman and others are bullish on copper. Here are some stock ideas that analysts loveThe demand surge in metals like copper 'has only just begun,' according to Goldman Sachs. CNBC Pro screened for analysts' favorite copper stocks.
Baca lebih lajut »