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Wall Street Banks Lean More Bearish for Year End Brent Pricing

OIL

Despite recent cut announcements by Saudi, major Wall Street banks are leaning more bearish for year end Brent pricing in their latest forecasts citing factors such as buoyant sanctioned oil supply and wavering Chinese demand:

  • Goldman Sachs: Lowered its Brent outlook for December to $86/bbl, down from $95/bbl.
  • UBS lowered its year end Bent forecast to $90/bbl, down from $95/bbl previously. It cut its September forecast to $85/bbl, down from $90/bbl.
  • JP Morgan – 2023 Brent oil forecast was lowered to $81/bbl from $90/bbl previously.
Energy BulletsCommodities
Energy BulletsCommodities

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