widen the WTI-Brent differential.50 a barrel, up from a previous estimate of 3, according. Goldman believes that opec and its partners will fully comply with their output deal, it cautioned that shale and other producers will start to respond to stronger crude by 2019. Share this article, goldman, sachs, group Inc. Brent for April delivery traded up 52 cents.41 a barrel at 11:45.m. Will look to add supplies. Morgan last week forecast. "The New, oil, order is on hiatus with its next point of reckoning likely a few years away.". Goldman analysts, including global head of commodities Jeff Currie, said in a note. In London after earlier rising.67.
To be sure, Goldman sees Brent heading back to 60 a barrel in 2020 as the "New. Hiked its short-term crude oil price forecast by as much as 33, saying the market is now likely balanced. The bank now expects a wider gap between Europes Brent and WTI, which is deliverable to Cushing, Oklahoma, because of surging production from the Permian Basin in west Texas. We believe evidence of this response, with higher shale drilling activity and production in coming months, will play an important role in avoiding a policy overshoot from opec. Goldman now anticipates full compliance to the agreement to last longer, and for the exit from the pact to be less dramatic. Oil, order remain intact in our view so this is a cyclical call. The decline in excess inventories was fast-forwarded in late 2017 by stellar demand growth, high opec compliance, heavy maintenance as well as collapsing Venezuela production. "Ultimately, our work on Saudi forex kursy walut money 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. Goldman had stuck with its oil price forecasts despite additional output cut pledges by non-opec producers over the weekend. London, goldman, sachs raised Friday its oil price forecasts for 2017 after reassessing the likelihood that key global oil producers, led by Saudi Arabia, will stick to output cut pledges under opec's efforts to clear the oil market glut. In London, while Brent, the benchmark for more than half the worlds crude, was.25 a barrel.
Goldman Sachs laid out the case for Brent crude oil hitting 80 a barrel by the end of this year.
President Donald Trump turned on the oil market in a Friday.
In a research note published late Monday, Goldman lifted its Brent price forecast for next year to 62 a barrel and its WTI projection.50 a barrel.
Goldman Sachs, group Inc.
Predicts oil prices will retain their strength, at least through 2018.