Goldman Sachs says Brent stays below $100/bbl in their base case

Goldman Sachs says Brent stays below $100/bbl in their base case
because they assume already solid demand, no additional geopolitical
supply hit, and elevated spare capacity will lead OPEC+ to raise
production in q3

• Says geopolitical
  impediments to OPEC’s ability/desire to deploy spare capacity could
  send Brent above $100
• Says “we are
  closing our summer24 deficit trade (long aug24/sep24 Brent
  timespreads) with a profit as this 3m/4m timespread now looks rich”

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Brent has dribbled lower since opening for the week:

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