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Goldman cuts 2024 Brent price forecast on strong US supply
Goldman Sachs trimmed its price expectation for Brent crude in 2024 by $10 per barrel to between $70 and $90, saying strong production from the United States would moderate any upside in oil prices. “We still look for range-bound prices and only moderate price volatility in 2024. Elevated spare capacity to handle tightening shocks should limit upside price moves,” its analysts said in a note dated Sunday. The investment bank now expects Brent to recover to a peak of $85 per barrel in June 2024, and to average at $81/$80 in 2024/2025 compared to $92 previously. Brent was trading around $77 as of 0526 GMT on ... (full story)