Goldman Sachs Raises December Brent Crude Forecast to $90 on Middle East Risks

Deep News09:40

According to a report released on October 11, Goldman Sachs Group raised its December Brent crude oil price forecast by $5 per barrel to $90 per barrel due to risks facing Middle East supply.

Analysts including Daan Struyven stated in the report that continued adjustments in Middle East supply will ultimately push crude oil prices lower, but the situation could escalate again, posing a significant net upside risk.

Persian Gulf oil exports have rebounded to the 2025 average level, and the global market was in a "roughly balanced" state in September.

Elevated oil prices are due to supply risks, low inventory levels, physical restocking demand, and financial hedging.

The average Brent crude oil price forecast for 2027 remains at $80 per barrel.

Due to high transportation costs between Europe and the United States, the price of the U.S. benchmark WTI crude oil relative to Brent crude is "abnormally low."

The average WTI price for December is expected to be $81 per barrel, with a full-year average of $73 per barrel for 2027.

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