Goldman Sachs oil price forecast for Q3 2019 bumped higher
Analysts at the investment bank see a short term boost for prices into the third quarter of 2019.
Say there are transient risks to the upside
- prior forecast of $66/barrel (Brent) raised to $74-$76
- After Q3, Permian basin de-bottleneck should improve supply.
Looking for demand to improve:
- A demand led move higher in the face of current high skepticism toward accelerating economic activity
- volatility created by Iran-U.S. tensions
- Nonetheless, the coming weeks may be the first window for this support to play out as the economic data calendar moves to its window of greater relevance and influences on risky assets, including oil.