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OIL: Brent Likely Supported Above $75/bbl: Goldman Sachs

OIL

Brent crude prices are likely to stay above $75/bbl as the oil market will withstand macro recessionary fears, according to a Goldman Sachs note cited by Reuters.

  • Prices could find support in the coming weeks from limited recession risk, strong demand in the West and from India, and room for a recovery in the very low speculative positioning.
  • "While the increase in recession risk following the weak U.S. July employment report and the impact of volatile financial conditions on oil demand further skew the risks to our $75-90 range for Brent prices to the downside, especially in 2025, our base case remains that oil prices will find support in coming weeks," the note said.

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