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Goldman Sachs cut its Brent forecast to $86 a barrel for December, from $95, and to $93 for May 2024, from $100. The bank cited stronger-than-expected supply and weak growth in China.
Brent traded about 2.4% lower at $72.97 on the day.
Lower bank forecasts reduce expectations for future energy prices, which weighs on biofuel margins and longer-dated commodity prices. Persistent supply growth from Iran and Russia adds pressure.
thenationalnews.comJohn BennyJun 12, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
