Goldman Sachs dials down its bullishness on oil | Forexlive

The team at Goldman Sachs has been bullish on commodities and oil but with prices stuck in a range, they’re dialing it back.

They now see brent averaging $90 in Q2 compared to $105 previously with price gradually rising to $100 at year end. They expect oil to stay steady at $100 in 2024 “assuming OPEC boosts output by 1 million bpd” If OPEC doesn’t add oil to the market, they see brent at $107 at year end.

Goldman has been sticking to the $100 year-end call for awhile.

Oil has been choppy today after hitting an air-pocket and recovering a shot time ago. WTI was last down 63-cents to $75.67.

Here’s the note: