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

04/01/2024 Argaam
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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.

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