Goldman Sachs cuts forecast for Brent crude on lower prices ‎

Goldman Sachs cut its forecast for Brent crude futures at the weekend, after prices fell 15 percent since early March due to banking concerns and recession fears.

According to “Reuters”, the investment bank said in a note dated March 18 that it now expects the average price of Brent to reach $94 a barrel in the next twelve months and $97 in the second half of 2024, down from $100 previously.

Analysts at the bank said, “Oil prices fell despite a surge in Chinese demand, due to pressure on banks, recession fears and an exodus of investor inflows.”

The bank also lowered its forecast for European and North American demand in 2023, while raising its outlook for China.

This led to a reduction of 600,000 barrels per day in the 2024 estimate, while keeping the demand forecast in 2023 unchanged.