# Goldman Sachs cuts oil price forecasts on strong crude supply and weak demand | The National

> 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.

- Date: 2023-06-12 · published 2023-06-12T12:00:00.000Z
- Category: market · region Global · magnitude medium
- Page: https://feedsoft.ai/events/35675-goldman-sachs-cuts-oil-price-forecasts-on-strong-crude-supply-and-weak-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/06/12/goldman-sachs-cuts-oil-price-forecasts-on-strong-crude-supply-and-weak-demand/

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