fxs_header_sponsor_anchor

News

Goldman Sachs cuts 2019 oil demand growth forecast, WTI hovers around $ 58

In its latest client note, the US investment banking giant Goldman Sachs made a downward revision to its 2019 oil demand growth forecast, in the wake of weakening demand from India, Japan, other non-OECD Asian regions, the Middle East and Latin America, as cited by Reuters.

Key Highlights:

Goldman Sachs revised its forecast down to 1 million barrels per day (bpd), from 1.1 million bpd but left its 2020 demand growth estimate broadly unchanged at 1.4 million bpd.

However, it stuck to its 2020 price forecast for Brent crude at $60 a barrel.

Our oil supply-demand outlook for 2020 calls for additional OPEC production cuts to keep inventories near normal.

We continue to expect OPEC will sacrifice market share in line with leadership commentary at its June meeting, which we believe will lead to Brent prices of around $60/bbl.

Meanwhile, both crude benchmarks consolidate near six-week highs, awaiting the US weekly Crude Stocks data for near-term trading impetus ahead of the key OPEC meeting scheduled on September 12th.

The US oil, WTI, trades around the 58 handle, defending minor bids while its European peer, Brent, trades with modest gains near $ 62.75 region.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.