• 5 minutes Iran Says It Arrested 17 CIA Spies, Some Sentenced To Death
  • 9 minutes Will We Ever See 100$+ OIL?
  • 13 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 36 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 hour Oil Giant Saudi Arabia Is Set to Start First Wind-Power Plant
  • 1 hour How is E&P of Marginal Oil on the UKCS Similar to the Shale Oil Operations in the US?
  • 4 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 3 hours So You Think We’re Reducing Fossil Fuel? — Think Again
  • 4 hours Shale Oil will it self destruct?
  • 7 hours Renewables provided only about 4% of total global energy needs in 2018
  • 11 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 6 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 11 hours N.Y. Governor Signs Climate Bill
  • 1 day U.S. Administration Moves To End Asylum Protections For Central Americans
  • 10 hours Today in Energy
  • 7 hours Which is a better domain name for OAPEC?
Alt Text

Oil Prices Set For Worst Weekly Drop In Five Weeks

Concerns about weakening global economy…

Alt Text

Oil Barely Budges On Slew Of Bullish News

A surprisingly strong US jobs…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Goldman: Brent To Retest $80 This Year

Goldman Sachs—which has been bullish on oil for most of this year— continues to expect that Brent Crude prices could retest the $80 a barrel threshold this year, but probably only late in 2018, not this summer, as uncertainties mount over the timing and magnitude of global supply disruptions.

“Production disruptions and large supply shifts driven by U.S. political decisions are the drivers of this new fundamental volatility, with demand remaining robust so far,” Goldman Sachs said in a note on Monday, adding that Brent Crude is expected to trade in the $70-$80 a barrel range amid this new fundamental volatility.

At 10:40 a.m. EDT on Tuesday, Brent Crude was unchanged for the day at $71.84, and WTI Crude was down 1.15 percent at $67.28.

A month ago, the investment bank kept its forecast that Brent Crude would hit $82.50 a barrel this summer and would end 2018 at $75 per barrel, citing strong demand growth and further supply losses pointing to continued declines in inventories and higher oil prices for the rest of the year.

Goldman still thinks that Brent could retest the $80 a barrel market, but only late this year, instead of in the summer, depending on U.S. oil policies.

Two weeks ago, the investment bank also said that concerns over a U.S.-Chinese trade war that could dampen prices and demand were “oversold.” Related: Trump’s Ultimate Move To Lower Gasoline Prices

In recent weeks, supply disruptions in Venezuela, Canada, and Libya, and the prospect of significantly lowered Iranian oil exports, have supported oil prices, while Saudi Arabia and Russia boosting production and the U.S.-China trade war have dragged prices down.

“The uncertainty on the magnitude and timing of the supply shifts has muddied the near-term outlook for oil fundamentals,” Goldman said in its note this week, carried by Reuters.

The U.S. signaled on Monday that it could consider waivers in some cases for countries who need more time to wind down purchases of Iranian oil, with U.S. Treasury Secretary Steven Mnuchin saying that “We want people to reduce oil purchases to zero, but in certain cases if people can’t do that overnight, we’ll consider exceptions.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play