Goldman Sachs hikes oil price outlook, expects high compliance

Goldman Sachs hikes oil price outlook, expects high compliance

Oil

  • Buz Investors Goldman Sachs hikes oil price outlook The commodity is trading at $50.56 per barrel at 10:40 GMT this morning, 1% lower from the New York close.
  • Crude oil witnessed a high of $51.27 per barrel and a low of $50.50 per barrel during the session. In the New York session yesterday, crude oil rose 0.14% to close at $51.07 per barrel, as investors got optimistic after a deal to drain a global supply glut started to materialize.
  • Immediate downside, the first support level is seen at $49.85 per barrel, while on the upside, the first resistance level is at $51.38 per barrel.

Goldman Sachs hikes oil price outlook

Buz Investors Goldman Sachs hikes oil price outlook The commodity is trading at $50.56 per barrel at 10:40 GMT this morning, 1% lower from the New York close. Crude oil witnessed a high of $51.27 per barrel and a low of $50.50 per barrel during the session. In the New

Goldman Sachs hikes oil price outlook Investment bank Goldman Sachs Friday revised its crude oil price forecast for the second quarter of 2017 on the back of a decision byOPEC members and other countries to cut production amid growing demand from consumers.

READ  WTI forecast crude oil prices Midday September 7, 2017

Goldman Sachs has upped its oil price outlook for the second quarter of 2017 to $57.50 a barrel from $55 a barrel for U.S. West Texas Intermediate crude. It also raised its price forecast for international benchmark Brent crude to $59 a barrel from $56.50 a barrel.

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Goldman Sachs hikes oil price outlook

“Ultimately,our work onSaudi Arabia‘s fiscal balance suggests that the kingdom has a strong incentive to cut production to achieve a normalization of inventories,even if it requires a larger unilateral cut, consistent with comments last weekend by the energy minister. Given this incentive to cut and in light of the OPEC and non-OPEC cuts announced over the past two weeks, we are slightly raising the 1H17 production declines that we project from the participating producers,” the Goldman analysts wrote.

READ  Oil prices fell on Thursday after oil producers extended output cuts

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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