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OPEC Cuts Would Maintain Goldman's Bullish Outlook for Oil

OIL

Goldman Sachs bullish oil price view would be reinforced by an OPEC+ output cut of more than 1mn bpd it wrote in a note to clients.

  • It said the collapse in investor participation, driving liquidity and prices lower, is a big catalyst for the cut.
  • The bank added the reduction in supply would boost backwardation, incentivizing investors to return to the market.

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