NEW YORK: The crude oil price went down on Monday after leading global financial institution Goldman Sachs slashed its forecast on oil prices.
The West Texas Intermediate (WTI) for July delivery witnessed a decrease of 3.05 US dollars, or 4.35 percent, to close at 67.12 $US a barrel on the New York Mercantile Exchange. Brent crude for August delivery lost 2.95 US dollars (3.94 percent), to settle at 71.84 $US a barrel on the London ICE Futures Exchange.
Goldman Sachs has cut its forecast on Brent crude oil taking it to $86 per barrel by December 2023, down from the earlier forecast of 95 $US per barrel, as per reports by the investment bank issued on Sunday.
Meanwhile, WTI crude oil futures are expected to cost 81 U.S. dollars per barrel by the end of 2023 rather than the earlier prediction of 89 U.S. dollars per barrel.
“WTI oil retreats as traders focus on the revised forecasts from Goldman Sachs,” noted Vladimir Zernov, an analyst with market information supplier FX Empire.
Oil Prices in Coming Days
The ongoing decrease in the international market is not static. Analysts beleive the fluctuation in the prices would become obvious after the petroleum exporting countries along with their respective companies and the International Energy Agency (IEA) release their monthly market updates which are expected today.
