Goldman Sachs on Thursday raised its Brent crude oil price forecasts, projecting $86 a barrel for the second half of 2024, up from $85 previously, and $82 for 2025, up from $80.
It said prices were likely to stay at the higher end of its forecast range, citing disappointing U.S. supply and a likely sticky geopolitical risk premium.
Brent crude futures are up 13% to about $87 a barrel so far in 2024, while U.S. oil futures are up about 15% to more than $82 a barrel in the same period.
“We still see a $90/bbl ceiling on Brent in our base case of no geopolitical supply hits,” Goldman Sachs added.
Oil prices held near a three-week low on Thursday as investors weighed mixed U.S. economic data, U.S. sanctions on Venezuela and Iran and easing tensions in the Middle East. O/R
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Sandra Maler and Jamie Freed)