Goldman Sachs and Morgan Stanley are lowering their price forecasts on crude oil (BZ=F, CL=F) as OPEC+ plans to increase its production output this October...
Goldman Sachs and Morgan Stanley , both lowering their oil price forecasts as the two banks say they expect a surplus in the crude oil market.Now, as geopolitical tensions bubble up across the world, what does this tell us about the reaction function of OPEC and the impact that could have on oil prices moving forward our very own and as for, joins us with more.
It also lowered its 2025 forecast for oil to an average of $77 for Brent now, the reason being a lot of this has to do with increased supply and a lot of that coming from oil allowance or OPEC plus, now we, uh, the analysts at Goldman Sachs said. UH, you also have Morgan Stanley, which has lowered its target for Brent crude as well for the fourth quarter of 2024 to $80.What is going on now is the market expectation that will start unwinding those voluntary cuts that's going to add supply into the market and that will weaken.But if it doesn't start to unwind its cuts, its members will start to lose more and more share.
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