Goldman Sachs raises Brent crude oil price forecasts for 2024 and 2025

Goldman Sachs has lifted its H2 2024 and 2025 Brent crude oil price forecasts higher:

• US$86/bbl and $82/bbl respectively
• from previously at $85 and $80

In a note Tuesday Goldman Sachs said it expects further moderation in the still-elevated geopolitical risk premium of $5-10 per barrel for crude oil in the coming months

• still holds a range-bound view
• sees a build in landed crude inventories over the past month as crude oil on water unloads on land

• “Inventories are rising in our tracking of OECD landed stocks—a key driver of oil prices—as large prior builds of oil on water (partly as a result of Red Sea rerouting) are now unloading on land, reducing physical tightness.”

Oil price update:

This article was written by Eamonn Sheridan at www.forexlive.com.