# Goldman Sachs Says Oil’s Going Back to $100 as OPEC+ Cuts - Bloomberg

> Goldman Sachs raised its crude oil forecast back to $100 per barrel, citing record worldwide demand and continued OPEC+ supply curbs tightening the market. The bank expects prices to return to triple digits.

- Date: 2023-09-20 · published 2023-09-20T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34275-goldman-sachs-says-oil-s-going-back-to-100-as-opec-cuts-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A major bank's $100 forecast reinforces expectations of higher energy costs, which feed through to diesel, fertilizer and freight for feed buyers. Upward crude expectations also support energy-linked oilseed and biofuel values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-19 | [Currie Says Oil Will Break Above Consensus View on Fed Cuts - Bloomberg](https://feedsoft.ai/events/31102-currie-says-oil-will-break-above-consensus-view-on-fed-cuts-bloomberg.md) | -0.2% | +4.6% |
| BRENT | 2023-01-10 | [OPEC pricing power limits downside risks to oil prices, Goldman says \| Financial Post](https://feedsoft.ai/events/37951-opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says-financial.md) | +6.9% | +2.8% |
| BRENT | 2023-07-31 | [Goldman Sachs: China Is The Biggest Driver Of The Oil Price Rally \| OilPrice.com](https://feedsoft.ai/events/35217-goldman-sachs-china-is-the-biggest-driver-of-the-oil-price-rally-oilprice-com.md) | +2.4% | +0.2% |
| BRENT | 2026-03-26 | [THB USD: Thailand's Baht May Extend Falls on Exposure to Oil Shock - Bloomberg](https://feedsoft.ai/events/20439-thb-usd-thailand-s-baht-may-extend-falls-on-exposure-to-oil-shock-bloomberg.md) | +4.1% | +3.3% |
| BRENT | 2018-10-02 | [Oil Puts Rupee on Course to Outstrip Taper-Tantrum Losses - Bloomberg](https://feedsoft.ai/events/62811-oil-puts-rupee-on-course-to-outstrip-taper-tantrum-losses-bloomberg.md) | -1.1% | -8.8% |
| WTI | 2016-11-30 | [OPEC Deal Is Bad News for U.S. Gas and Good News for LNG - Bloomberg](https://feedsoft.ai/events/74028-opec-deal-is-bad-news-for-u-s-gas-and-good-news-for-lng-bloomberg.md) | +12.5% | +19.3% |
| WTI | 2024-03-19 | [Currie Says Oil Will Break Above Consensus View on Fed Cuts - Bloomberg](https://feedsoft.ai/events/31102-currie-says-oil-will-break-above-consensus-view-on-fed-cuts-bloomberg.md) | -1.3% | +3.1% |
| WTI | 2023-01-10 | [OPEC pricing power limits downside risks to oil prices, Goldman says \| Financial Post](https://feedsoft.ai/events/37951-opec-pricing-power-limits-downside-risks-to-oil-prices-goldman-says-financial.md) | +7.4% | +3.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-09-20/goldman-sachs-raises-brent-oil-forecast-to-100-as-rally-builds

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.