Goldman Sachs: Raises Q2 2017 WTI & Brent price forecasts

Dhwani Mehta FXStreet

Analysts at Goldman Sachs published their outlook on Oil prices for this month and year ahead in its latest note.

Key Quotes:

“We expect that the potential ramp up in Libya and a stronger dollar will likely further limit the near-term upside to prices and our December WTI price forecast remains at $ 50/bbl”

“We are raising our Q217 WTI price forecast to $ 57.5/bbl ($ 55/bbl), $ 59/bbl Brent beyond H117”

“We expect that the global market will remain balanced, with Brent prices between $ 55/bbl and $ 60/bbl”

“We are smoothing out our medium-term price forecast, with our H217 and 2018 Brent forecast now $ 58/bbl (prev $ 63/bbl) & $ 55/bbl for WTI (prev $ 51.5/bbl)”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.