Goldman Sachs cuts oil price forecasts due to OPEC+ supply increase and trade war fears.

From Yahoo Finance: 2025-04-04 00:26:00

Goldman Sachs has lowered its forecast for Brent crude prices to $69 a barrel and WTI prices to $66, citing higher OPEC+ supply and the global trade war potentially triggering a recession. The brokerage also reduced its 2026 average price forecast for Brent to $62 and for WTI to $59, with warnings of further decreases. Brent crude was at $69.59 a barrel and WTI at $66.39 on Friday. Crude prices saw significant drops after U.S. President Trump imposed reciprocal tariffs and OPEC+ members decided to boost output in May. Goldman now expects oil demand to grow by 600,000 bpd this year and 700,000 bpd in 2026.



Read more at Yahoo Finance: Goldman cuts oil price forecasts amid tariff fears, higher OPEC+ supply