Goldman Sachs sees Brent crude at $70-$80 level this year

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Goldman Sachs sees Brent crude at $70-$80 level this year

20-07-2018 13:12

Goldman Sachs sees Brent crude at $70-$80 level this year

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Goldman Sachs sees Brent crude at $70-$80 level this year

Investment bank Goldman Sachs expects short-term fluctuations in oil prices amid uncertainty surrounding possible supply disruptions.

Analysts of the bank believe that Brent crude will trade in the range of $70-80 per barrel, while the volatility will increase.

"Production disruptions and large supply shifts driven by U.S. political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far," Goldman said in an analytical note.

In May, US President Donald Trump said that the country is withdrawing from a nuclear deal with Iran and will resume sanctions against Tehran. Since November, importers must stop buying Iranian oil. This could lead to an oversupply in the oil market in the third quarter of 2018, the survey said.

At the same time, the bank noted that in the longer term, prices will get some support amid weak global oil inventories.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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