Goldman Sachs sees Brent crude between $70-$90/barrel in 2024

Oil drilling rigs

Goldman Sachs’ analysts expect Brent to range between $70 and $90 a barrel in 2024 based on flexible OPEC+ supply, lower risks of recession and opportunistic strategic petroleum reserve purchases by both China and the US.

There may be possible support for oil prices of $3 to $4 per barrel stemming from a prolonged, complete redirection of flows due to growing tensions in the Red Sea, bank analysts, including Daan Struyven, explained in a note issued on Jan. 3.

Geopolitical risk scenarios will remain a key upside risk to the bank’s outlook, they added.