Goldman Sachs is the latest Wall Street firm to lift its oil forecast amid tight supply.
) reached $94 per barrel during the session, just off its 10-month intraday high of $95.95 reached on Tuesday.
Crude futures are up about 30% in the past three months amid a supply crunch created by output cuts from the world's largest oil producers and their allies, OPEC+, along with unilateral reductions from Saudi Arabia and exports constraints from Russia. Russia needs higher oil prices to keep funding its war with Ukraine while Saudi Arabia needs capital to fund a series of domestic projects in the coming years."We also believe that Brent is unlikely to sustainably drop below $80/bbl next year because of the strong OPEC put," wrote Struyven.oil could reach $100 per barrel and stay there for a "short while,"
but points to a pullback amid increased supply from non-OPEC countries like the US, Canada, and Brazil.Citi's analysts see oil averaging $84 in the fourth quarter 2023 and moving to the low-$70 range in 2024.