the countries intend to maintain the production cap until the end of 2018. Goldman Sachs Group Inc. STO, -0.49 to in line from underperform, saying that as an upstream-biased company, it is the biggest beneficiary to the change in its oil price forecast. Getty Images, pumpjacks pump petroleum from the ground. Add it all up, and rather than the beginning of a deeper downturn, oil prices might be hitting a near-term bottom. The report notes that the current spike is only the 11th sharpest in the history of oil prices, but adds that this could change at any moment). The investment bank reiterated its forecast for Brent to hit 80 per barrel by the end of the year.
Goldman sachs oil price forecast 2019
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London (MarketWatch) - Goldman Sachs upgraded Statoil. This destocking doesnt show up in the data, and market analysts wrongly think that such a country is trimming imports because demand is slowing. Risks of "100 per Barrel analysts at Switzerland's UBS Bank have already drawn a picture of world oil prices reaching 100 per barrel. Specifically, demand in emerging tasty trade super trader strategy markets appears weak, particularly as currencies have weakened against the dollar, which has magnified the price shock for consumers. The resilience of Iranian oil exports, combined with higher opec and US oil production, has led to more pessimism regarding prices. E P capex is already down 25 percent and drilling has dropped more quickly than in previous bear markets, but shale production can be restarted quickly with access to capital, it noted. Oil has been pushed higher by an effort led by the Organization of the Petroleum Exporting Countries and Russia to withhold production since January last year.
Read more: China turns its back on US oil. For instance, inventory data in many countries is often missing, so any slowdown in imports is often interpreted as weak demand, when in fact, an individual country might be simply drawing on inventories. "We should take seriously the possibility of an oil price spike not least because oil spikes preceded 5 of the last 6 recessions in the US the UBS report says.
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