Quick piece from GS on oil markets, in brief (the post headline is the real in brief):

GS cite:

  • escalating trade wars
  • weaker activity indicators

Which have 'fast-forwarded' price falls the bank had projected for Q3 (65.50/bbl)

GS forecast:

  • prices to likely remain around our 3Q forecasts and current levels
  • still high price volatility
  • global economic outlook in increasingly uncertain

On supply:

  • rising US production
  • large core-OPEC spare capacity